On Aug. 12, VIE CB drafted circular on rules on independent audit.
VIE CB drafted circular re regulations on independent auditing for commercial banks, non-bank credit institutions, microfinance institutions, and foreign bank branches.
Follows VIE CB Dec. 2021 amended circular re audit of credit institutions, #125733.
Proposal
FIs must select independent audit firms before end of fiscal year to audit the financial statements of following year; selection process depends on institution's structure.
Audits must cover financial statements, cash flow statements, internal control system, auditors must provide assurance on effectiveness of these internal control systems.
Audit firms must have a minimum of three years of experience in Vietnam; firms must meet capital and personnel qualifications, including experienced auditors.
Outlines conditions under which audit firm cannot be selected, e.g. conflicts of interest.
Auditors are required to provide detailed management letters, including any significant risks identified during the audit and recommendations for improvement.
Effectiveness
VIE CB did not clarify when the public consultation is ending.
Nov. 2024 Promulgation
On Nov. 29, 2024, VIE CB published circular 51/2024/TT-NHNN setting out regulations on independent audit of commercial banks, non-bank credit institutions, microfinance institutions, and foreign bank branches, to implement the proposals above.
The regulations take effect on Jan. 15, 2025; circular 39/2011/TT-NHNN, together with the amending 24/2021/TT-NHNN(see #125733) are repealed from the same date.
Document dated Nov. 29, 2024, received from VIE CB Dec. 9, summarized on Dec. 10.
