Organization of internal audit

The internal audit department of this company operates independently and reports directly to the Board of Directors. It includes an internal audit supervisor and an appropriate number as full-time internal auditors, all meeting legal qualifications and training requirements. The appointment and removal of the head of internal audit must be approved by the board of directors.
 

Duty of internal audit

The internal control system requires internal audit to assess whether the control system's design is appropriate and its implementation effective, without interfering with the internal units' administration.
 

Operation of internal audit

The majority of the audit work is executed according to an annual plan, which needs to be approved by the Board of Directors, through regular, irregular, and project audits. These audits provide objective confirmation and suggestions for improvement. After preparing the audit report, it shall be approved by the director authorized by the Board of Directors and then submit the same for review by the supervisors by the end of the following month.
Internal audit oversees and reviews the self-assessments conducted by each unit and all subsidiaries, submitting the results to the management for review and reporting to the Board of Directors.
Internal auditors follow up on the internal control defects and prepare follow-up reports at least on a quarterly basis. After having presented the follow-up reports, internal auditors shall submit the same for review by the supervisors by the end of the month next following the completion of the audit items.