Internal control systems, including mechanisms, policies and regulations, of credit institutions and foreign bank branches in Vietnam, will be subject to independent auditing.
Such regulation is provided by the State Bank of Vietnam in Circular 24 revising several articles of Circular 39 of 2011 on independent audits of credit institutions and foreign bank branches that will take effect from April 15.
Also under the circular, the performance of the internal control system during the preparation and presentation of financial reports, as well as the assessment of foreign bank branches’ capital capacity, will also be audited.
The move aims to ensure efficient and safe operations of credit institutions and foreign bank branches, and protect, manage and effectively use assets and resources.- (VLLF)
