Decision No. 121/2005/QD-NHNN of the State Bank of Vietnam issuing the Regulation on Independent Auditing for Credit Institutions, replacing previous regulations. The Decision takes effect fifteen days from the date of publication in the Official Gazette.
Scope of application
Credit institutions
Key points
- Based on the Law on the State Bank of Vietnam, the Law on Credit Institutions, and the Decree on Independent Auditing to issue the new Regulation.
- This Decision replaces the following old documents: Decision No. 322/1999/QD-NHNN5 and Decision No. 499/2000/NHNN5.
- Credit institutions are responsible for implementing this Decision.
🌐 Social impact of this document
- Strengthening management and supervision of financial activities of credit institutions through independent auditing, contributing to improving the quality of banking services.
- Credit institutions may face difficulties during the transition period when adhering to the new regulations.
❓ Frequently asked questions
How does this Decision apply to credit institutions?
Decision No. 121/2005/QD-NHNN requires credit institutions to comply with the Regulation on Independent Auditing issued by the State Bank.
When does this Decision take effect?
This Decision takes effect fifteen days from the date of publication in the Official Gazette.
How does this Decision replace old documents?
Decision No. 121/2005/QD-NHNN replaces Decision No. 322/1999/QD-NHNN5 and Decision No. 499/2000/NHNN5.
What must credit institutions do according to this Decision?
Credit institutions must comply with the Regulation on Independent Auditing issued by the State Bank.
What is the implementation period of this Decision?
This Decision takes effect fifteen days from the date of publication in the Official Gazette.
Full text
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STATE BANK OF VIETNAM |
SOCIALIST REPUBLIC OF VIETNAM |
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NUMBER: 121/2005/QĐ-NHNN |
HA NOI, February 2, 2005 |
Pursuant to …;
ISSUING REGULATIONS ON INDEPENDENT AUDIT FOR CREDIT ORGANIZATIONS
GOVERNOR OF THE STATE BANK OF VIETNAM
BASED ON THE LAW ON THE STATE BANK OF VIETNAM AND THE LAW ON CREDIT ORGANIZATIONS dated December 12, 1997;
BASED ON THE LAW AMENDING AND SUPPLEMENTING CERTAIN PROVISIONS OF THE LAW ON THE STATE BANK OF VIETNAM dated June 17, 2003; THE LAW AMENDING AND SUPPLEMENTING CERTAIN PROVISIONS OF THE LAW ON CREDIT ORGANIZATIONS dated June 15, 2004;
BASED ON DECREE NO. 86/2002/NĐ-CP dated November 15, 2002 of the Government on the tasks, powers, and responsibilities for state management of ministries and ministerial-level agencies;
BASED ON DECREE NO. 105/2004/NĐ-CP dated March 30, 2004 of the Government on independent audit;
PURSUANT TO THE PROPOSAL OF THE HEAD OF THE DEPARTMENT OF COMMERCIAL BANKS AND NON-BANK CREDIT ORGANIZATIONS.
Pursuant to …;
Article 1. ATTACHED TO THIS DECISION IS THE "REGULATIONS ON INDEPENDENT AUDIT FOR CREDIT ORGANIZATIONS".
Article 2. THIS DECISION SHALL TAKE EFFECT 15 DAYS AFTER ITS PUBLICATION IN THE CONSTITUTED DOCUMENT AND SHALL REPLACE THE FOLLOWING DOCUMENTS: DECISION NO. 322/1999/QĐ-NHNN5 dated September 14, 1999 on the issuance of regulations on the organization and implementation of independent audit for credit organizations; DECISION NO. 499/2000/NHNN5 dated December 5, 2000 on amending and supplementing certain provisions of the regulations on the organization and implementation of independent audit for credit organizations issued together with DECISION NO. 322/1999/QĐ-NHNN5 dated September 14, 1999 of the Governor of the State Bank of Vietnam.
Article 3. THE HEAD OF THE OFFICE, THE HEAD OF THE DEPARTMENT OF COMMERCIAL BANKS AND NON-BANK CREDIT ORGANIZATIONS, THE HEAD OF THE INSPECTION DEPARTMENT OF THE STATE BANK OF VIETNAM, THE HEADS OF THE UNITS UNDER THE STATE BANK OF VIETNAM WHICH ARE RELATED, THE GOVERNORS OF THE STATE BANK OF VIETNAM BRANCHES IN PROVINCES AND CENTRALLY-GOVERNED CITIES, AND CREDIT ORGANIZATIONS ARE RESPONSIBLE FOR IMPLEMENTING THIS DECISION.
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DIRECTOR (Signed) Tran Minh Tuan |
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