Research on the Quality of Internal Audit in Commercial Banks in Vietnam

Volatility in the financial market has increased the risks faced by commercial banks. These institutions require effective tools to assess the efficiency of their internal resources and projects. Implementing effective internal audit practices has become a strategic and urgent solution under current conditions. However, in reality, the internal audit function in commercial banks still faces confusion and a lack of both theoretical and practical experience. Improving the quality of financial statement audits in Vietnamese commercial banks is essential to ensuring transparency and accountability within the financial sector. High-quality financial statements allow investors, shareholders, and regulators to make well-informed decisions regarding the performance and stability of commercial banks, thereby contributing to the overall health of the economy. In Vietnam, the quality of financial audits is especially critical as the banking sector grapples with issues such as non-performing loans and weak corporate governance. These problems can erode public confidence in the financial system, reduce investment, slow economic growth, and even trigger financial crises. Moreover, with the growing complexity of financial transactions and the adoption of new technologies, auditors must continuously improve their skills and knowledge to ensure that financial statements are accurate and reliable. This is particularly important for commercial banks, which are subject to stringent regulatory and reporting requirements. By examining financial statements, detecting errors, providing recommendations on internal controls and financial reporting processes, and identifying potential risks, independent auditors ensure the accuracy and reliability of financial information. This enhances investor confidence, contributes to a more stable financial system, and helps maintain the integrity and transparency of financial markets. Therefore, enhancing the quality of financial audits in commercial banks carries both theoretical and practical significance.