Internal Auditing Operations for Enterprises

19:16, 10/07/2024

Decree 05/2019/ND-CP has just been promulgated by the Government of Vietnam on January 22, 2019, specifying the internal audit work for enterprises.

Accordingly, Decree 05 stipulates that the following entities must implement internal audit:

- Listed companies;- Enterprises in which the state owns more than 50% of the charter capital, operating as a parent company according to the parent company - subsidiary model;- State enterprises that are parent companies operating according to the parent company - subsidiary model.

However, enterprises that do not fall under the above regulations are encouraged to conduct internal audits.

Enterprises may hire independent auditing organizations that are qualified to provide auditing services according to legal regulations to provide internal audit services. In cases where enterprises hire independent auditing organizations to provide internal audit services, they must ensure the basic principles of internal auditing and meet the requirements to comply with the basic principles of internal auditing.

Simultaneously, Decree 05 also stipulates that the hiring of internal audit services by enterprises under the Ministry of Defense and the Ministry of Public Security is to be conducted according to the regulations of the Minister of Defense and the Minister of Public Security.

See details in Decree 05/2019/ND-CP, effective from April 1, 2019.

-Thao Uyen-

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