ENHANCING THE ROLE OF INTERNAL AUDIT UNDER GLOBAL STANDARDS: AN EMPIRICAL STUDY AT VIETCOMBANK

Abstract

From the perspective of the Global Internal Audit Standards issued by the Institute of Internal Auditors (IIA) in 2024, this paper examines the role of internal audit (IA) in corporate governance, risk management, and internal control in the specific case of Vietcombank. Drawing upon Agency Theory, Institutional Theory, and the Resource-Based View (RBV), the study approaches IA as a governance mechanism shaped by internal organizational capabilities and institutional pressures. Survey data were collected from 114 internal auditors, internal control, risk management, compliance officers, and managers who interact with the IA function at Vietcombank. The results show that independence is the only factor exerting a positive and statistically significant impact on the role of IA (standardized β = 0.277; p = 0.001). Professional competence, audit work quality, information technology application, and management support have positive coefficients but do not reach statistical significance at the 5% level. The study contributes case-based empirical evidence on IA effectiveness in a large Vietnamese commercial bank and recommends strengthening IA independence while cautiously interpreting generalization beyond Vietcombank.