Visit by the Ministry of Finance Vietnam
A delegation of six senior officials from the Ministry of Finance of Vietnam (MOF) visited IIA Singapore on 13 April 2018 as part of its 2-day study visit to Singapore. The delegation was led by Dr Le Hai Mo, Vice-President, National Institute of Finance, Ministry of Finance of Vietnam; and Associate Professor Dr Luu Duc Tuyen, Deputy General Director, Accounting and Auditing Management and Supervision General Department, Ministry of Finance of Vietnam.
“Internal audit is universally recognised as the cornerstone of good governance structure, evaluator of risk management and control processes, that contributes to organisational success. It provides independent oversight to the Board, Audit Committee and the heads that the organisation is effectively governed and policies are implemented effectively,” said Mr Eric Lim, IIA Singapore’s Immediate Past President, who hosted the visit, in his opening address.
In the sharing session, Mr Lim, Mr Sia Nam Chie, Vice President of IIA Singapore’s Board of Governors and Mr Abdul Hamid Bin Abdullah, Treasurer of IIA Singapore, collectively provided more insights on internal audit and its significance in governance, IIA global certifications, the International Professional Practices Framework (IPPF), the IIA Global Internal Audit Competency Framework, and on setting up of an internal audit function. Mr Sia elaborated that the IPPF provides mandatory guidance including the “Code of Ethics” and the “International Standards for the Professional Practice of Internal Auditing for the IIA Affiliates in more than 170 countries.
MOF was quick to pick up pointers and kept the session’s momentum moving with questions ranging from the differentiation between public sector and government linked companies’ internal auditing, any mandatory requirements of internal audit in Singapore, how internal audit is applied and governed in Singapore’s private sector, IIA’s IPPF to the detailed role of the Audit Committee, among others.
“The meeting was concise and useful for us. We are appreciative of the presentation provided by IIA Singapore,” said Dr Le in his closing remarks.