5 cases of termination of audit of compliance with banking and monetary policies and laws in Vietnam

5 cases of termination of audit of compliance with banking and monetary policies and laws in Vietnam 

According to the Circular, the audit decision maker issues a decision to terminate the audit, or one or several contents of the audit in the following cases:

 (1) The audit content has been included in the conclusion drawn by a competent authority;

 (2) A competent authority has issued a decision to file criminal lawsuit in respect of the audit content;

 (3) The audit is terminated at the written request of the Governor of the State Bank of Vietnam;

 (4) The audited entity no longer exists;

 (5) There is an overlap or repetition of the audit or its content which has been considered as prescribed in Clause 4 Article 5 of Circular No. 17/2023/TT-NHNN.

The audit termination decision must bear the audit decision maker’s signature, be sent to the audited entity at least 1 day before its effective date, and shall have the following contents as a minimum:

- The contents prescribed in Points a, b Clause 4 Article 12 of Circular No. 17/2023/TT-NHNN. 

- Reason for termination of the audit;

- Start date of the termination.

The audit termination decision will be made using Form No. 07 enclosed with Circular No. 17/2023/TT-NHNN.

When an audit is terminated, the audit team shall terminate measures imposed within its jurisdiction during the audit; return all documents which have been furnished by the audited entity.

Rules on audit of compliance with banking and monetary policies and laws 

Audit of compliance with banking and monetary policies and laws shall comply with the following rules:

- Ensure that each audit will be conducted by appropriate authority and in accordance with regulations of law.

- Regularly conduct audits according to approved plans or on ad hoc basis.

- Ensure accuracy, objectivity, truthfulness, democracy, punctuality, and effective cooperation.

- Avoid overlapping or repetition of contents, duration and subject entities amongst audits of auditing agencies and between audits and inspections.

If there are overlaps or repetitions between an audit plan and an inspection plan, the latter shall be implemented. If there are overlaps or repetitions between audit plans, the heads of auditing agencies involved shall agree upon a single audit plan.

See more details in Circular No. 17/2023/TT-NHNN, effective as of February 8, 2024. 

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