CHANGE MANY REGULATIONS ON INDEPENDENT AUDIT OF FOREIGN BANK BRANCHES
The State Bank of Vietnam promulgates the Circular No. 24/2021/TT-NHNN amending and supplementing a number of articles of the Governor of the State Bank of Vietnam’s Circular No. 39/2011/TT-NHNN dated December 15, 2011, providing independent audit of credit institutions and foreign bank branches on December 31, 2021.
Specifically, to add 01 condition on independent audit organizations to audit microfinance institutions and people’s credit funds as follows: They have not audited the to-be-audited micro-finance institution, people's credit fund for five consecutive years preceding the year of audit.
The commercial bank or foreign bank branch must conduct the audit of the compliance with current laws and regulations of the State Bank on the internal control system of credit institutions, foreign bank branches of its internal control system (including internal mechanisms, policies, processes and regulations); the audit of the operation of the internal control system for the making and presentation of financial reports.
Additionally, the commercial bank or foreign bank branch must audit the operation of the internal control system with the internal assessment content on the capital adequacy of commercial banks, foreign bank branches according to regulations of the State Bank on the internal control system.
This Circular takes effect on April 15, 2022.
