A circular stipulating independent audits of credit institutions and foreign bank branches issued by the State Bank of Viet Nam will take effect from April 15.

Illustrative image (Photo: VNA)

Circular 24 amends and supplements several articles of the central bank’s Circular 39 dated December 15, 2011.

Under the new circular, internal control systems, including mechanisms, policies and regulations, of credit institutions and foreign bank branches in Viet Nam, will be subject to independent auditing.

The performance of the internal control system during the preparation and presentation of financial reports, as well as the assessment of foreign bank branches’ capital capacity, will also be audited.

The move aims to ensure efficient and safe operations of credit institutions and foreign bank branches, and protect, manage and effectively use assets and resources.

Source: VNA