Professional Competence of Internal Auditors in Public Service Providers

Professional competence of internal auditors in public service providers - Illustrative image.

Article 10, Appendix No. 02 issued together with Circular 67/2020/TT-BTC dated July 10, 2020, by the Minister of Finance promulgates the model regulation on internal auditing applicable to state agencies, public service providers - the model regulation applicable to public service providers stipulates the professional competence of internal auditors. To be specific:

Minimum standards for internal audit practitioners include:

- Having a university degree or higher in fields appropriate to audit requirements, possessing comprehensive knowledge and continuously updated information on areas assigned for internal audit.

- Having at least 05 years of work experience in their trained specializations or at least 03 years of work experience at (Name of the public service provider) or at least 03 years of experience in auditing, accounting, or inspection.

- Having general knowledge and understanding of laws and operations of (Name of the public service provider); capable of collecting, analyzing, evaluating, and aggregating information; knowledgeable and skilled in internal auditing.

- Not having been disciplined at the warning level or higher due to violations in economic, financial, or accounting management, or currently not undergoing disciplinary enforcement.

Note: The head of internal audit must have relevant educational/professional qualifications and sufficient audit experience. The head of internal audit should also have in-depth knowledge of business operations, organizational skills, technical know-how, communication, and other relevant skills.

Additionally, the head of internal audit needs to assess the skills and knowledge of the internal audit department to perform audit processes effectively. If necessary, they may require the use of external experts/consultants for certain specialized areas beyond the internal audit's competence (such as expertise in information technology systems). Continuous training in necessary knowledge to perform audit tasks should be maintained to ensure that all internal audit practitioners keep pace with industry developments and enhance their professional skills.

For detailed content, please refer to Circular 67/2020/TT-BTC, effective September 1, 2020.

Le Vy

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