03 Enterprises Required to Conduct Internal Audits

Kim Linh

20:59, 10/07/2024

Recently, the Government of Vietnam has issued Decree 05/2019/ND-CP on internal audit.

The internal audit is mandated for the following entities:

- Listed companies;- Enterprises in which the state owns over 50% of the charter capital as the parent company operating under the parent-subsidiary model;- State enterprises as the parent company operating under the parent-subsidiary model;

Other enterprises are encouraged to conduct internal audits. Enterprises may hire qualified independent audit organizations under the provisions of law to provide internal audit services.

Within 24 months from April 1, 2019, entities subject to internal audit requirements must complete the necessary tasks to implement internal audits in accordance with the regulations.

Details can be found in Decree 05/2019/ND-CP effective from April 1, 2019.

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