Some major points about internal audit in Decree 05 / ND-CP

Abstract

After 24 months of preparation for the implementation of the provisions of Decree 05/2019 / ND-CP on Internal Audit (hereinafter referred to as Decree 05), from April 1, 2021 the application of internal audit (IA) is required for state agencies, public service agencies and enterprises. Based on an overview of recent regulations related to Internal Audit in organizations and enterprises in Vietnam, the article analyzes and points out notable issues for the parties subject to the IA requirement, the standards of internal auditors and clarification of the risk-oriented audit methodology stipulated in Decree 05.