On July 10, 2020, the Ministry of Finance issued Circular 66/2020/TT-BTC promulgating model regulations on internal audit applicable to businesses.

Specifically, the Model Regulations on Internal Audit applicable to businesses includes 04 Chapters with the following required contents:
Firstly, Chapter I provides general regulations on the scope of regulation, subjects of application, objectives of internal audit, scope of internal audit, professional ethical principles of internal audit, professional capacity of internal audit, powers and responsibilities of internal auditors,...
Second, Chapter II regulates internal audit activities, including contents on internal audit implementation methods, internal audit plans, internal audit processes, audit reports and inspections. Implementing audit recommendations...
Third, Chapter III regulates the responsibilities of the parties regarding internal audit, including Articles on the responsibilities of the Board of Directors/Board of Members/Chairman of the company/Audit Committee (or affiliated agencies/departments authorized by the Board of Directors/Board of Members/Chairman of the company)/Board of Control (if any)/General Director/Director/Leaders of departments and units in business.
Fourth, Chapter IV stipulates provisions for implementing the Regulations.
This Circular takes effect from September 1, 2020.
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