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INTERNAL AUDIT
INTERNAL AUDIT TRENDS IN VIETNAM (IA)
Currently, internal audit (IA) is no longer limited to focusing on financial reporting processes and controls. It now plays a more strategic role in identifying risks across the entire operations of an enterprise, thereby providing solutions to ensure that corporate governance structures and processes are designed and operated effectively.
Grasping the inevitable trends and needs of businesses and organizations regarding IA, ASIA.AV has developed IA-related services, in which we focus on the business activities and specific characteristics of each client.
ASIA.AV’s IA services assist clients in improving risk management efficiency and maintaining good system control through professional, independent, and objective advice. We apply and comply not only with current Vietnamese regulations on IA but also aim for the standards of the Institute of Internal Auditors (IIA).
In reality in Vietnam today, there is a growing trend of businesses and organizations outsourcing IA services from independent auditing firms. This outsourcing brings many advantages, such as: High independence and objectivity; deep professional expertise and high-quality service; and cost and time savings compared to maintaining an in-house IA department.
IA outsourcing can cover all IA-related tasks, from designing IA regulations and processes; risk assessment, audit planning, designing audit procedures, performing audits according to the plan and designed procedures, communicating audit results with appropriate management levels, and issuing audit reports and post-audit follow-ups. Alternatively, businesses can outsource one or several of the above tasks.
INTERNAL AUDIT SERVICES:
- Drafting IA regulations and processes suitable for the organizational structure of each business or organization.
- Developing a risk-based IA methodology, planning, and designing appropriate audit procedures.
- Utilizing ASIA.AV’s human resources to implement IA plans, warn of risks, and consult on system perfection for clients, thereby improving the efficiency of processes and regulations.
- Recruiting IA personnel for clients, providing IA training covering items 1-3 above.
- Providing IA personnel for clients.
- IA-related consulting services, such as: Consulting on IA organizational structure, consulting on building IA processes, methods, and procedures, consulting on selecting IA topics, consulting on IA quality assessment, etc.
