Workshop updates local banks on new internal audit standards
The Vietnam Banks Association (VNBA) and the US Institute of Internal Auditors (IIA) held a workshop in Hanoi on August 23 to update local banks on the new International Professional Practices Framework (IPPF) for application in Vietnam.
VNBA Secretary General Nguyen Toan Thang speaks at the event (Photo: VNA)
Hanoi (VNA)ꦦ – The Vietnam BanksAssociation (VNBA) and the US Institute of Internal Auditors (IIA) held aworkshop in Hanoi on August 23 to update local banks on the new InternationalProfessional Practices Framework (IPPF) for application in Vietnam.
VNBA Secretary General Nguyen Toan Thang saidinternal auditing plays a significant role in preventing risks for banks’operations. Therefore, it is necessary to regularly improve ethical andtechnical standard frameworks in the field, he noted.
According to the IIA, up to 94.4 percent of thosesurveyed agreed with the modifications to the IPPF which took effect in Januarythis year. However, its implementation in Vietnam faces a lot of difficulties.
Nguyen Viet Thinh, head of the internal controlboard from the RedSun Group, explained that knowledge about internal auditingin Vietnam is still limited while there are no appropriate legal regulations.
In addition, thereare no Vietnamese language versions of IPPF-related standards and certificates,and the IIA does not have any representatives in Vietnam
Experts said in order to improve auditingcapacity, besides the role of the State and businesses themselves, necessaryskills in auditing, risk management and fraud control along with lateststandards and practices should be integrated in curricula of universities andvocational training facilities.-VNA
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VNBA Secretary General Nguyen Toan Thang speaks at the event (Photo: VNA) 
