Circular No. 66/2020/TT-BTC promulgates the Model Internal Audit Regulation applicable to enterprises, guiding units to establish internal audit regulations in accordance with Decree No. 05/2019/NĐ-CP. This document takes effect from September 1, 2020.
Scope of application
Enterprises specified in Clause 1, Article 10 of Decree No. 05/2019/NĐ-CP; other enterprises are encouraged to refer to this model internal audit regulation.
Key points
- Enterprises must establish an Internal Audit Regulation including the minimum contents stipulated in Clause 1, Article 12 of Decree No. 05/2019/NĐ-CP (Article 3).
- The model internal audit regulation issued together with this Circular is for enterprises to refer to when establishing an Internal Audit Regulation in compliance with current laws and the organizational structure and operations of the enterprise (Article 3).
- This Circular takes effect from September 1, 2020 (Article 4).
- Any difficulties encountered during implementation shall be reported to the Ministry of Finance for consideration and guidance (Article 4).
- Enterprises not subject to the provisions of Clause 1 of this Article are encouraged to establish an Internal Audit Regulation based on the model regulation issued together with this Circular (Article 2).
🌐 Social impact of this document
- To help enterprises have a legal basis for establishing and implementing internal audit regulations, enhancing risk management effectiveness.
- Encouraging enterprises that are not mandatory still to participate in applying internal auditing, contributing to improving business operation quality.
❓ Frequently asked questions
When does Circular No. 66/2020/TT-BTC take effect?
This Circular takes effect from September 1, 2020 (Article 4).
Which enterprises must apply the internal audit regulation according to Circular No. 66/2020/TT-BTC?
Enterprises specified in Clause 1, Article 10 of Decree No. 05/2019/NĐ-CP (Article 2).
What are the minimum contents of the Internal Audit Regulation?
The Internal Audit Regulation must include the minimum contents stipulated in Clause 1, Article 12 of Decree No. 05/2019/NĐ-CP (Article 3).
Are enterprises not subject to the provisions of Clause 1 of this Article encouraged to apply internal auditing?
Enterprises not subject to the provisions of Clause 1 of this Article are encouraged to establish an Internal Audit Regulation based on the model regulation issued together with this Circular (Article 2).
If there are difficulties during implementation, what should enterprises do?
Any difficulties encountered during implementation shall be reported to the Ministry of Finance for consideration and guidance (Article 4).
Full text
MINISTRY OF FINANCE
Number: 66/2020/TT-BTC
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MINISTRY OF FINANCE Number: 66/2020/TT-BTC |
SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness Hanoi, the 10th day of the month 7 2020 |
CIRCULAR
Issuing a Model Internal Audit Regulation applicable to enterprises
Pursuant to the Accounting Law No. 88/2015/QH 13 dated November 20, 2015;
Pursuant to the Government Decree No. 05/2019/NĐ-CP dated January 22, 2019 on internal audit;
Pursuant to the Government Decree No. 87/2017/NĐ-CP dated July 26, 2017 stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
On the proposal of the Director of the Department of Accounting and Auditing Supervision;
The Minister of Finance issues this Circular on the Model Internal Audit Regulation applicable to enterprises.
Article 1. Scope of Regulation
This Circular guides the model Internal Audit Regulation as a basis for units to refer to when establishing their enterprise's Internal Audit Regulation.
Article 2. Applicability
1. This Circular applies to enterprises as specified in Clause 1, Article 10 of the Government Decree No. 05/2019/NĐ-CP dated January 22, 2019 on internal audit.
2. Enterprises not falling under the provisions of Clause 1 of this Article are encouraged to establish an Internal Audit Regulation based on referring to the model Internal Audit Regulation issued together with this Circular.
Article 3. Internal Audit Regulation
1. The enterprise's Internal Audit Regulation must include the minimum contents prescribed in Clause 1, Article 12 of the Government Decree No. 05/2019/NĐ-CP dated January 22, 2019 on internal audit.
2. Enterprises shall refer to the model Internal Audit Regulation in the Appendix of this Circular to establish their Internal Audit Regulation, ensuring compliance with the provisions of the Government Decree No. 05/2019/NĐ-CP dated January 22, 2019 on internal audit, current laws, and the organizational structure and operations of the enterprise.
Article 4. Organization of Implementation
1. This Circular takes effect from September 1, 2020.
2. During implementation, if there are any difficulties, organizations and individuals are advised to report them to the Ministry of Finance (Department of Management and Supervision of Auditing and Internal Audit) for consideration and guidance./.
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DEPUTY MINISTER DEPUTY MINISTER (Signed) Do Hoang Anh Tuan |
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