DECISION

AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF THE REGULATION ON ORGANIZATION OF INDEPENDENT AUDIT OF CREDIT INSTITUTIONS, ISSUED TOGETHER WITH DECISION No. 322/1999/QD-NHNN5 OF SEPTEMBER 14, 1999 OF THE STATE BANK GOVERNOR

THE STATE BANK GOVERNOR

Pursuant to State Bank Law No. 01/1997/QH10 of December 12, 1997 and Credit Institutions Law No. 02/1997/QH10 of December 12, 1997;
Pursuant to the Government’s Decree No. 15-CP of March 2, 1993 stipulating the tasks, powers and State management responsibilities of the ministries and ministerial-level agencies;
Pursuant to the Government’s Decree No. 91/1999/ND-CP of September 4, 1999 on organization and operation of the Banking Inspectorate;
Pursuant to the Government’s Decree No. 30/2000/ND-CP of August 11, 2000 annulling a number of permits and converting some others into business conditions;
At the proposal of the Director of the Department for Banks and Non-bank credit institutions,

DECIDES:

Article 1.- To amend and supplement a number of articles and appendices of the Regulation on organization of independent audit of credit institutions, issued together with Decision No. 322/1999/QD-NHNN5 of September 14, 1999 of the State Bank Governor, as follows:

1. To annul Clause 1 of Article 6.

2. To annul Point c, Clause 1 of Article 8.

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"d. The list of auditors participating in the audit (with full names) must be signed by the general directors (directors) of audit organizations or their mandataries for certification that the listed auditors are fully qualified to participate in the audit of credit institutions and be stamped as prescribed in Article 6 of this Regulation".

4. Clause 1 of Article 9 is amended as follows:

"1. The State Bank’s provincial/municipal branches shall consider and permit audit organizations and auditors to audit joint-stock credit institutions which are headquartered in their respective localities. After signing the official dispatches permitting the audit organizations to audit credit institutions, within 5 working days, the State Bank’s provincial/municipal branches shall have to send one (01) copy thereof to the State Bank (The State Bank Inspectorate) for report thereon".

5. Clause 2 of Article 9 is amended as follows:

"2. The State Bank Inspectorate shall consider whether to permit or not to permit audit organizations and auditors to audit State credit institutions, foreign credit institutions and central people’s credit funds".

6. Clause 3 of Article 10 is amended as follows:

"3. The official dispatches permitting audit organizations to audit credit institutions, issued by the State Bank (the State Bank Inspectorate) and by the State Bank’s provincial/municipal branches, shall be made according to the set form".

7. Clause 1 of Article 14 is amended as follows:

"1. Audit organizations wishing to audit credit institutions shall have to send their written requests to the State Bank (the State Bank Inspectorate) before June 30 every year for consideration and approval of their audit of the credit institutions. Such requests should clearly state the situation on their organization and operation as well as auditing experiences, and other necessary documents to prove such and commit to strictly abide by the provisions of Article 5 of this Regulation; and sent together with their requests shall be the legal dossiers of the audit organizations, the lists of auditors qualified to participate in the audit as prescribed in Article 6 of this Regulation (in case of the first-time dossier registration). From the second time on, the audit organizations shall only register the changes as compared to the previously registered dossier so that the State Bank (the State Bank Inspectorate) can notify credit institutions thereof".

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Article 2.- This Decision takes effect fifteen days after its signing.

Article 3.- The Office Director and the Inspector General of the State Bank, the Director of the Department for Banks and Non-bank Credit Institutions, the heads of the units under the State Bank, the directors of the State Bank’s branches in provinces and centrally-run cities, the Chairmen and members of the Boards of Management, the Control Boards and the general directors (directors) of credit institutions shall have to implement this Decision.

FOR THE STATE BANK GOVERNOR
DEPUTY GOVERNOR




Tran Minh Tuan

 APPENDIX NO. 1

STATE BANK OF VIETNAM

SOCIALIST REPUBLIC OF VIETNAM
Independence-freedom-happiness

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Hanoi, date.................

To. Credit Institution (Name of Credit Institution)

With regards to the request of........... (Name of credit institution to be audited) in the written document No........ dated........ and attached file requesting the approval of (name of auditing organization) to perform the audit for the financial Year…., the State Bank of Vietnam expresses its view as follows:

1. Approval of ......(name of auditing organization) to perform the audit of (name of credit institution) for the financial year… in accordance with provisions of the State Bank on the independent audit of credit institutions;

2. List of auditors performing the audit of (name of credit institution) shall include:

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-…

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3. (Name of credit institution) shall be responsible for submitting the audited financial statement and the audit report in conformity with the time provided for in Article 11 of the Regulation on the independent audit of credit institutions issued in conjunction with the Decision No. 322/1999/QD-NHNN5 dated 14 September, 1999 of the Governor of the State Bank of Vietnam.

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AUTHORIZED BY THE GOVERNOR OF THE STATE BANK

CHIEF INSPECTOR OF THE STATE BANK INSPECTION

APPENDIX NO. 2

STATE BANK OF VIETNAM

SOCIALIST REPUBLIC OF VIETNAM
Independence-freedom-happiness

No…. /CV-TTr
Re: Approval of (name of auditing organization performing the audit of (name of audited  credit institution) in financial year.............

Hanoi, date.................

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With regards to the request of........... (Name of credit institution to be audited) in the written document No........ dated........ and attached file requesting the approval of (name of auditing organization) to perform the audit for the financial Year…., the State Bank of Vietnam expresses its view as follows:

1. Approval of ......(name of auditing organization) to perform the audit of (name of credit institution) for the financial year… in accordance with provisions of the State Bank on the independent audit of credit institutions;

2. List of auditors performing the audit of (name of credit institution) shall include:

-..

-…

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3. (Name of credit institution) shall be responsible for submitting the audited financial statement and the audit report in conformity with the time provided for in Article 11 of the Regulation on the independent audit of credit institutions issued in conjunction with the Decision No. 322/1999/QD-NHNN5 dated 14 September, 1999 of the Governor of the State Bank of Vietnam.

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GENERAL MANAGER