Three Basic Principles of Internal Audit Effective from September 1, 2020

Nguyen Trinh

12:30, 10/07/2024

On July 10, 2020, the Ministry of Finance issued Circular 67/2020/TT-BTC promulgating the Model Regulation on internal audit applicable to state agencies, public service providers.

in the Model Regulations issued together with this Circular, basic principles of internal audit (IA) are stipulated, including:

- Independence:

- Persons involved in IA must not simultaneously undertake tasks that are the subject of IA. IA should not be subject to any interference while performing reporting and evaluation duties;- Persons involved in IA must not participate in auditing activities and departments/units for which they have been responsible for management or operation within the last 03 years;- Persons involved in IA must not participate in auditing activities and departments/units for which their related persons are responsible for management or operation.

- Objectivity: Persons involved in IA must ensure objectivity, accuracy, honesty, and fairness in the process of performing IA duties.

- Compliance with the law and responsibility before the law for IA activities.

For details, see Circular 67/2020/TT-BTC, effective September 1, 2020.

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