Internal Audit in Private Sector in Vietnam

  • Tien Phong Nguyen

Abstract

Internal audit is a function to ensure independence and objectivity, and plays a role as an advisory entity, improve the value and perfect the organization's activities. Internal audit also contributes to the achievement of the organization's objectives by adopting a systematic and rigorous approach to evaluate and improve the effectiveness of the risk management processes and control and administration procedures. Survey of the current internal audit in private sector in Vietnam is conducted in different types of businesses, including commercial banks, listed joint stock companies, state-owned enterprises, and equitized state-owned enterprises, foreign enterprises, and some other private enterprises. The purpose of the paper is to provide (a) an assessment of the current internal audit in the private sector in Vietnam, (b) an overview of differences between the current internal audit and best practices for internal audit, (c) analysis of necessity, and (d) some initial recommendations for internal audit in private sector & banking sector in Vietnam.

References

1. Angus Duff (2004), “DImentions of audit quality”, University of Paisley
2. CAEW (2010), Audit of Banks: Lesson from Crisis
3. COSO (1992). Committee of Sponsoring Organization of Treadway Commission. Internal Control - Intergrated Framework. New York: AICPA
4. Anthony & Govindarajan (2004), Management Control Systems, McGraw-Hill, NewYork
5. Simons (1995), Levers of Control: How Managers Use Innovative Control Systems to Drive Strategic Renewal, Harvard Business School Press, Boston, MA
Published
2021-09-01
How to Cite
PHONG NGUYEN, Tien. Internal Audit in Private Sector in Vietnam. Asian Journal of Accounting and Finance, [S.l.], v. 3, n. 3, p. 1-9, sep. 2021. ISSN 2710-5857. Available at: <https://myjms.mohe.gov.my/index.php/ajafin/article/view/15402>. Date accessed: 25 oct. 2021.
Section
Articles