Issuing a plan for internal inspection and audit in 2019 for the Finance sector

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Illustrative photo.

Accordingly, the Ministry of Finance will inspect the management of finance and accounting; the compliance of financial management policies, regimes and norms in the use of funds at agencies and units; examine construction investment management, in which focusing on inspection for bidding; payment acceptance for stages; disbursement of construction investment capital; settlement of completed projects; construction quality management records.

At the same time, inspecting the management and use of assets, such as the promulgation of the regulations on management and use of assets; implementation of the plans for rearrangement and handling of land and housing according to the plan approved by competent authorities; issuance of land use right certificates.

The Ministry of Finance will also examine the implementation of the Law on Thrift Practice and Waste Prevention at agencies and units.

Besides meeting goals and requirements in accordance with regulations, the internal inspection and audit plan in 2019 must also evaluate the compliance with mechanisms and policies; the decentralization, authorization and implementation in management of finance, state assets, construction investment of units and systems in the Finance sector associated with the implementation of the Law on Thrift Practice and Waste Prevention.

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Previously, the Government issued Decree No.05/2019/ND-CP on internal audit. This is a new driving force to improve the quality of governance in the business community and public units with the expectation of drastic change in internal audit in Vietnam by providing specific regulations on internal audit; duties, responsibilities and powers of the internal audit units, internal auditors; responsibilities of the parties for internal audit; State management on internal audit. This is considered as the first comprehensive legal framework for internal audit at public units, listed companies, and state-owned enterprises operating under the parent-subsidiary model.