Vietnam: Tasks and powers of internal control department/division

According to Clause 1 Article 11 of Circular No. 06/2020/TT-NHNN of the State Bank of Vietnam (SBV), tasks of internal control department/division and full-time internal controllers at a unit are specified as follows:

- Develop annual and periodic (if any) internal control programs and plans and submit them to the head for approval; organize the implementation thereof after obtaining approval;

- Assist the head in carrying out internal control activities in accordance with this Circular and other relevant regulations of SBV.

- Directly inspect, control and supervise operations and asset safety assurance as assigned; request and suggest the Governor to amend, add and perfect the business process, take actions against deficiencies and violations discovered through auditing and be responsible to the head for performance results.

- Submit internal control reports to the head as prescribed and as requested.

- Regularly update and consider documents, rules, business processes, professional knowledge and skills to perform tasks as requested.

Moreover, according to Clause 2 Article 11 of Circular No. 06/2020/TT-NHNN, powers of internal control department/division and full-time internal controllers at a unit are as follows:

- Exploit and sufficiently and promptly provide all information and documents concerning activities, operations and transactions of the unit to perform the internal control task.

- Request the head to take necessary measures to enhance effectiveness and efficiency in internal control activities and provide instructions on correcting deficiencies and violations discovered through auditing.

- Be deployed and enabled to perform their tasks; be offered training and refresher training courses to improve their professional competence and skills.

- If any violation against laws and SBV’s regulations is found possibly resulting in threatening safety of information, money and assets of the unit, the internal control department/division or full-time internal controller shall immediately report the violation to the head; if the head fails to impose penalties or imposes penalties for such violation in contravention of regulations, the internal control department/division or full-time internal controller is entitled to notify the Governor in writing (via the Internal Audit Department).

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

Le Vy

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