Definitions needed to know about internal audit #
1. Internal Audit: Is the inspection, evaluation, and monitoring of the adequacy, appropriateness and effectiveness of internal control.
2. Person in charge of internal audit: A person who performs the internal audit of the unit.
3. Person in charge of internal audit: A person who is authorized by the competent authority according to the provisions of law or the regulations of the unit assigned to be in charge of the internal audit of the unit.
4. Audit Committee: Is a specialized body under the Board of Directors of the enterprise as stipulated in the Enterprise Law.
5. Related persons of persons doing internal audit: being natural father, natural mother, adoptive father, adoptive mother, husband-in-law, mother-in-law, father-in-law, mother-in-law, spouse, natural child, adopted child , siblings, siblings, younger siblings, brother-in-law, sister-in-law, sister-in-law, sister-in-law.
Decree 05 / 2019 / ND-CP regulations on internal audit in state agencies, public service agencies and enterprises.See full text Effective from April 01, 04
Circular 66/2020 / Tt-BTC issue model regulations on internal audit applicable to enterprises issued by the Minister of FinanceSee full text Effective from April 01, 09
What businesses need to do to comply with this regulation? #
1. The following units must perform the internal audit:
a) Listed company;
b) Enterprises in which more than 50% of charter capital is owned by the State is the parent company operating under the parent company - subsidiary model;
c) State enterprise is a parent company operating under the parent company - subsidiary model.
2. Enterprises not specified in Clause 1 of this Article are encouraged to conduct internal audit.