On May 18, 2018, the State Bank of Vietnam issued Circular No.13/2018/TT-NHNN regulating on the internal control system of commercial banks and branches of foreign banks. This Circular took effect since January 1, 2019.

Accordingly, Circular No.13/2018/TT-NHNN regulates the standards for internal auditors working at the bank as follows:

1. Standards of internal auditors working at commercial bank:

–           Having university or higher degree in economics, business administration, law, accounting, auditing; having a university or higher degree in information technology or specialized majors suitable to technology auditors;

–           Having worked directly in the banking, finance, accounting, auditing sector for at least 2 years for internal auditors and 03 years for Chief internal auditors; having at least 2 years working experience in the information technology field for technology auditors.

2. Standards of internal auditors working at branch of foreign bank shall comply with regulations of parent bank.

Therefore, it can be seen that Circular No.13/2018/TT-NHNN plays an important role in improving the quality of internal audit and risk management in financial institutions, thus ensuring credit security and reduce risks for individuals and organizations when using banking services.