Requirements for independent audit organizations conducting audits of commercial banks in Vietnam from January 15, 2025

Requirements for independent audit organizations conducting audits of commercial banks in Vietnam from January 15, 2025

The requirements for independent audit organizations conducting audits of commercial banks, non-bank credit institutions, and foreign bank branches in Vietnam are as follows:

- They must have been established and operated in auditing in Vietnam for at least 3 years.

- They must have owners’ equity or allocated capital of 10 billion VND or more.

- They must have at least 5 practicing auditors participate in auditing a commercial bank, non-bank credit institution, or foreign bank branch. Among these, at least 3 practicing auditors must have a minimum of 2 years of experience in auditing in the financial and banking sector.

- Practicing auditors, representatives of the independent audit organization participating in the audit of commercial banks, non-bank credit institutions, and foreign bank branches must meet all the standards specified in Article 13 of Circular 51/2024/TT-NHNN.

- They must not have relations involving bond purchases, asset purchases, capital contributions, joint ventures, or share purchases with the commercial bank, non-bank credit institution, or foreign bank branch being audited.

- They must not be existing customers receiving unsecured credit, or clients receiving credit or other services under preferential conditions from the commercial bank, non-bank credit institution, or foreign bank branch being audited.

- They must not have conducted audits of the same commercial bank, non-bank credit institution, or foreign bank branch for five consecutive years preceding the audit year.

- They must not have been subject to legal penalties for violations regarding independent auditing in the 2 years preceding the audit year.

- The audit organization and practicing auditors conducting audits of commercial banks, non-bank credit institutions, or foreign bank branches must be on the list of audit organizations and practicing auditors approved to conduct audits for entities with public interest as announced by the Ministry of Finance for the audit implementation phase.

In cases where commercial banks, non-bank credit institutions are entities with public interest in the securities sector, the audit organization and practicing auditors must be on the list of audit organizations and practicing auditors approved to conduct audits for entities with public interest in the securities sector as announced by the State Securities Commission for the audit implementation phase.

- They must not fall under situations prohibited from auditing as prescribed in Article 30 of the Law on Independent Auditing 2011.

- They must comply with other regulations on independent auditing as stipulated in the Law on Independent Auditing 2011 and instructional documents of the Law on Independent Auditing 2011.

Refer to Circular 51/2024/TT-NHNN which enters into force from January 15, 2025.

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