Vietnam’s regulations on internal audit plans from August 15, 2020

According to Article 22 of Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam (SBV), internal audit plans include annual audit plan and detail audit plan, specifically as follows:

Annual audit plan: Based on objectives, annual policy management plan, result of risk assessment and available resources, the Director of the Internal Audit Department shall develop an annual plan for internal audit of SBV and submit it to the Governor for approval before December 21 and notify the audit plan to units affiliated to SBV. The plan shall contain contents, scope and subjects of the audit, and comply with the following requirements:

- Regarding risk-based internal audit: priority should be given to audit of activities, operations and operations/management units at high level of risk.

- Comprehensiveness must be ensured: all activities, business processes and units are audited.

- Adequate time must be set to be able to conduct unscheduled audits at the request of the Governor or upon receipt of information about signs of offenses or high risks.

- The plan may be adjusted if there is any basic change to contents and scope of audit, risk variations and current resources or at the request of the Governor.

Detailed audit plan: Based on the annual audit plan approved by the Governor, the Director of the Internal Audit Department shall develop and promulgate a detailed audit plan suitable for resources and requirements of each audit, including expected date of audit, members of audit delegations, focus of the audit and other relevant requirements. The detailed audit plan shall be formulated in accordance with the regulations set out in the process for internal audit of 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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