Vietnam: Responsibilities and powers of audited units

According to Clause 1 Article 29 of Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam (SBV), an audited unit has the responsibility to:

- comply with internal audit decisions;

- prepare and sufficient and promptly provide all information, documents, records and reports (including confidential ones) related to audit plans and contents at the request of the Internal Audit Department and internal audit delegation; be responsible to the Governor for the accuracy, truthfulness and objectivity of the information and documents provided.

- sufficiently and promptly provide explanation for and respond to issues concerning the audit contents and scope at the request of the audit delegation and be responsible for its response.

- enable the audit delegation to perform its tasks; facilitate the operation of the audit delegation.

- sufficiently and promptly organize implementation of audit conclusions and propositions and submit a timely report thereon to SBV (via the Internal Audit Department).

Concurrently, according to Clause 2 Article 29 of Circular No. 06/2020/TT-NHNN, an audited unit has the power to:

- refuse to provide information and documents not related to the audit contents.

- provide written explanation for the issues stated in the draft audit report if deemed inappropriate;

- file complaints with the Director of the Internal Audit Department or the Government about audit assessment, conclusions and propositions if there are sufficient grounds to believe that opinions given by internal auditors is unreasonable or unlawful.

- file complaints with the Director of the Internal Audit Department or the Government about violations of laws committed by the chief and members of the audit delegation; request replacement of the chief and members of the audit delegation if there are sufficient evidences for impacts of violations against laws and regulations on audit principles and requirements on the truthfulness and objectivity of the audit result.

- exercise other powers in accordance with regulations of law and SBV.

View more details at Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam, effective from August 15, 2020.

Le Vy

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