Banks Must Have International Auditing

The Governor of the State Bank of Vietnam issued the Document No. 8598/NHNN-CNH on October 6, 2006 to require commercial banks to have audits and financial reports in accordance with international standards from 2006. Commercial joint stock banks, joint ventures and foreign bank branches operating in Vietnam are encouraged to have audits and financial reports under the international auditing standards. If banks have audits of international standards in 2005, they must send reports to the State Bank prior to October 31, 2006.

 

On the other hand, within 30 days after the audit reports are issued, commercial banks, joint venture banks and foreign bank branches must send such auditing reports to the State Bank.