Vietnam: Code of Ethics for Internal Auditing from April 1, 2021

Vietnam: Code of Ethics for Internal Auditing from April 1, 2021 (Illustration)

According to Appendix II issued together with Vietnam's Circular 8/2021/TT-BTC, the code of ethics for internal auditing that internal auditors are expected to apply and uphold includes:

1. Integrity

The integrity of internal auditors establishes trust and thus provides the basis for reliance on their judgment.

Internal auditors shall perform their work with honesty, diligence, and responsibility; shall observe the law and make disclosures expected by the law and the profession; shall not knowingly be a party to any illegal activity, or engage in acts that are discreditable to the profession of internal auditing or to the organization.

Thus, the internal auditors

-  Shall perform their work with honesty, diligence, and responsibility;

- Shall observe the law and make disclosures expected by the law and the profession;

- Shall not knowingly be a party to any illegal activity, or engage in acts that are discreditable to the profession of internal auditing or to the organization.

- Shall respect and contribute to the legitimate and ethical objectives of the organization.

2. Objectivity

Internal auditors shall ensure objectivity, accuracy, honesty and fairness in the process of performing the tasks of the internal audit.  Internal auditors exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined.  Internal auditors make a balanced assessment of all the relevant circumstances and are not unduly influenced by their own interests or by others in forming judgments.

Internal auditors:

- Shall not participate in any activity or relationship that may impair or be presumed to impair their unbiased assessment. This participation includes those activities or relationships that may be in conflict with the interests of the organization.

- Shall not accept anything that may impair or be presumed to impair their professional judgment.

- Shall disclose all material facts known to them that, if not disclosed, may distort the reporting of activities under review.

3. Confidentiality

Internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is a legal or professional obligation to do so.

Internal auditors:

- Shall be prudent in the use and protection of information acquired in the course of their duties.

- Shall not use information for any personal gain or in any manner that would be contrary to the law or detrimental to the legitimate and ethical objectives of the organization.

4. Professional competence and due care

Internal auditors apply the knowledge, skills, and experience needed in the performance of internal audit services. And act diligently in accordance with applicable technical and professional standards.

Internal auditors:

- Shall engage only in those services for which they have the necessary knowledge, skills, and experience.

- Shall perform internal audit services in accordance with the Vietnamese Standards for Internal Auditing.

- Shall continually improve their proficiency and the effectiveness and quality of their services.

- Shall act diligently in accordance with applicable technical and professional standards.

5. Professional behavior

Internal auditors must comply with the relevant laws and regulations, avoid any action that may discredit the profession.

Internal auditors:

- Shall comply with relevant laws and regulations in Vietnam.

- Shall avoid any action that the internal auditor knows may discredit the profession.

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