Decision No. 322/1999/QD-NHNN5 of the State Bank of Vietnam issues the Regulation on the organization and implementation of independent auditing for Credit Institutions, replacing previous regulations. This regulation shall take effect fifteen days from the date of signing.
Scope of application
Credit Institution
Key points
- Credit Institution → shall be subject to independent auditing in accordance with the Regulation on the organization and implementation of independent auditing issued by the State Bank.
🌐 Social impact of this document
- Positive impact: Enhances transparency and financial management efficiency of Credit Institutions, helping to protect customer rights.
- Negative impact: May increase operational costs for Credit Institutions due to the requirement to undergo independent auditing.
❓ Frequently asked questions
Which organizations does this regulation apply to?
This regulation applies to Credit Institutions.
When does the decision come into effect?
The decision takes effect fifteen days from the date of signing.
How does this regulation replace old provisions?
This decision replaces Decision No. 423/QD-NHNN5 dated December 23, 1997, and Decision No. 272/QD-NHNN5 dated August 12, 1998.
What must Credit Institutions implement according to this regulation?
Credit Institutions shall be subject to independent auditing in accordance with the Regulation on the organization and implementation of independent auditing issued by the State Bank.
Does this decision become effective immediately upon signing or after a period of time?
This decision takes effect fifteen days from the date of signing.
Full text
Pursuant to …;
Regarding the issuance of the Regulation on the organization and implementation of independent auditing for Credit Institutions
____________
GOVERNOR OF THE STATE BANK OF VIETNAM
Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 and the Law on Credit Institutions No. 02/1997/QH10 dated December 12, 1997;
Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of ministries and ministerial-level agencies;
Pursuant to Decree No. 07/CP dated January 29, 1994 of the Government promulgating the "Regulation on Independent Auditing in the National Economy";
At the proposal of the Director of the Department of Banks and Non-Bank Financial Institutions.
DECISION:
Article 1. The attached Decision issues the "Regulation on the Organization and Implementation of Independent Auditing for Credit Institutions".
Article 2. This Decision takes effect fifteen days from the date of signature and replaces Decision No. 423/QĐ-NHNN5 dated December 23, 1997 on temporary regulations regarding the organization and implementation of auditing for joint-stock commercial banks, and Decision No. 272/QĐ-NHNN5 dated August 12, 1998 on the implementation of auditing for joint-stock commercial banks.
Article 3. The Heads of the Office, the Directors of the Departments of Banks and Non-Bank Financial Institutions, the Heads of the State Bank of Vietnam Inspectorate, the Heads of relevant units under the Central State Bank, the Governors of the State Bank of Vietnam Branches in provinces and cities, the Chairmen and members of the Management Boards, Supervisory Boards, and General Managers (Directors) of Credit Institutions shall be responsible for implementing this Decision./.
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