Vietnam: Standards for persons working in internal audit

According to Article 13 of Circular No. 44/2011/TT-NHNN of the State Bank of Vietnam, standards for internal auditors, Chief and Deputy Chief of internal audit are specified as follows:

1. An internal auditor shall be required to fully satisfy the following standards:

- To have honest character, consciousness of compliance with applicable laws;

- To have general knowledge, understanding about the laws, business administration and banking operations;

- To have bachelor degree or higher in appropriate speciality, to have adequate knowledge and regularly be updated with areas they are assigned to perform internal audit; for a people's credit fund, the internal auditor shall be required to have qualification of college level in appropriate speciality;

- To be capable of collecting, analyzing, assessing and synthesizing information;

- To have knowledge and skills of the internal audit;

- To have experience of working in financial, banking area or working in audit for at least 03 years; the internal auditor of a people's credit fund have have experience of working in financial, banking area or working in audit for at least 01 year;

- To comply with rules on professional virtue;

- Other standards as provided for by the credit institution.

For an information technology auditor, in addition to standards for internal auditors, he must have experience of working in information technology for at least 03 years.

2. The Chief and Deputy Chief of the internal audit shall, at least, have bachelor degree in banking, finance, accounting, auditing and have experience of working in financial, banking area for at least 05 years. For a people's credit fund, the Chief of internal audit shall, at least, have qualification of college level in banking, finance, accounting, auditing and have experience of working in financial, banking area for at least 02 years. Besides, certain standards for internal auditors are also required, including:

- To have honest character, consciousness of compliance with applicable laws;

- To have general knowledge, understanding about the laws, business administration and banking operations;

- To be capable of collecting, analyzing, assessing and synthesizing information;

- To have knowledge and skills of the internal audit;

- To comply with rules on professional virtue;

- Other standards as provided for by the credit institution.

View details at Circular No. 44/2011/TT-NHNN of the State Bank of Vietnam, effective from February 12, 2012.

Thuy Tram

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