The primary role of the Internal Audit Office is to support the Board and managers in examining and validating the deficiencies within the internal control system. It assesses the effectiveness and efficiency of operations, aiming to ensure the reliability, timeliness, transparency, and compliance of reports with relevant regulations. Furthermore, the committee offers recommendations for improvement, ensuring the sustainable and effective implementation of the internal control system and serving as a means for reviewing and rectifying the internal control system in accordance with established protocols.
1. The internal audit office operates independently and reports directly to the board of directors. The appointment and dismissal of the chief auditor require the approval of the audit committee, which presents the resolution to the board of directors. Presently, we have appointed a single chief auditor. Depending on the size of the company, management requirements, and applicable regulations, we will assign competent auditors, who will serve as substitutes for one another as needed.
2. The appointment, dismissal, assessment, and remuneration of auditors are governed by the company's "Employee Recruitment Management Method," "Remuneration Management Method," "Performance Assessment Management Method," and "Turnover Management Method." A yearly assessment is conducted as per the company's policies. The chief auditor is responsible for submitting the aforementioned matters to the chairman for approval. These regulations have been made available in the Internal Regulations section of our website for reference.
Internal Audit Operations
1. The internal audit office is responsible for developing an annual audit plan based on the risk evaluation. This plan serves as a roadmap for conducting audits, addressing potential risks and concerns. Additionally, project audits are specifically focus on assessing the implementation of the internal control system and ensuring that it is effectively integrated into the company's operations.
2. Auditors are responsible for reporting their findings in the audit report, sharing it with relevant managers and the audit committee for review, and consistently monitoring improvement progress.
3. Auditors are expected to maintain an independent and unbiased mindset while fulfilling their duties. They should provide regular updates on the auditing status to both the board of directors and the audit committee.