The State Bank of Vietnam Issues Internal Control and Audit Regulations
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Requirements for Internal Audit Activities
According to the Circular, internal audit activities are conducted independently, free from interference in determining the scope, content, and audit results.
Internal auditors must adhere to Vietnamese internal audit standards and professional ethical principles issued by competent state authorities during their audit engagements.
Internal auditors are prohibited from auditing activities or units they were responsible for within the last three years, or units where their relatives hold leadership positions, serve as chief accountants, or manage internal control functions.
Prohibited Acts in Internal Audit Activities
The Circular strictly prohibits the following acts by State Bank Inspectors, Audit Team Leaders, and members:
Engaging in corruption, embezzlement, waste, exploitation, harassment, or other illegal acts against audited entities during their duties.
Abusing authority or using related information for personal gain.
Colluding with audited entities to falsify audit documents or reports.
Disclosing state secrets, audited entity secrets, or audit information before official release.
Committing other acts violating laws or State Bank regulations.
Prohibited Acts for Audited Entities and Related Parties:
Refusing to provide requested audit-related information, including state secrets.
Obstructing or hindering internal audit activities.
Providing inaccurate, incomplete, untimely, or biased audit-related information.
Bribery or collusion with auditors to falsify audit documents or reports.
Other prohibited acts under Vietnamese law and State Bank regulations.
Unlawful interference in internal audit activities by any organization or individual is strictly prohibited.
Management and Direction of Internal Audit Activities
The Governor directly oversees or assigns a Deputy Governor to manage State Bank internal audit activities, including:
Approving annual and ad-hoc internal audit plans as requested by the Governor.
Issuing regulations on audit team organization, internal audit procedures, and State Bank internal audit processes.
Directing the State Bank Inspectorate to ensure effective and efficient internal audit operations.
Scope of Internal Audit Activities
State Bank internal audit activities include:
Financial Audits: Assessing the reliability of audited entities’ financial statements.
Compliance Audits: Evaluating adherence to applicable laws, regulations, and procedures.
Operational Audits: Assessing operational efficiency and asset safety.
Providing recommendations to audited entities to address deficiencies, improve internal controls, ensure safety, compliance, and achieve objectives.
The Circular takes effect from December 15, 2025.
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