Amending regulations on independent audits for credit institutions

Circular 24/2021/TT-NHNN has amended a number of regulations on independent audits for credit institutions in Circular 39/2011/TT of the State Bank of Vietnam, specifically:

- Amending conditions for audit firms to audit microfinance institutions and people's credit funds as follows:
      + Practicing auditors and audit firms participating in auditing microfinance institutions and people's credit funds must fully meet the criteria specified in Article 13 of Circular 39/2011/TT-NHNN; 
     + The audit firms and practicing auditors performing audits of microfinance institutions and people's credit funds must be on the list of audit firms and practicing auditors approved to conduct audits for entities in the public interest as announced by the Ministry of Finance for the audit implementation period (Modified content). 
     + Not audit that microfinance institution or people's credit fund for 5 consecutive years preceding the year of audit. (Additional content). 
     + Not in cases where performing audits is impermissible as prescribed in Article 30 of the Law on Independent Audit.
     + Meet other regulations on independent audit specified in the guiding documents of the Law on Independent Audit.

 

 - Supplementing regulations on the following content of the independent audit:
Operational audit of the internal control system of credit institutions, foreign bank branches specified at Points b and c, Clause 2, Article 8 Circular 39/2011/TT-NHNN aims to ensure the following requirements:
     +  Operating efficiency and safety; safeguarding, managing, and utilizing assets and resources in a safe and effective manner.
     +  An honest, reasonable, complete, and timely financial and management information system.. 

Circular 24/2021/TT-NHNN takes effect from April 15, 2022.

Viet Australia
Viet Australia Auditing Company is an independent auditing organization licensed and established in 2007 in the Socialist Republic of Vietnam.