Internal Audit
Corporate Governance
The Purpose of Internal Audit
The purpose of the Company’s internal audit is to assist the Board of Directors and management in examining and reviewing deficiencies in the internal control system and in assessing the effectiveness and efficiency of operations. The Internal Audit Department provides timely recommendations for improvement to ensure that the internal control system remains effective and serves as a basis for ongoing review and refinement.
Internal Audit Organization and Operations
The Company’s Internal Audit is an independent unit staffed with full-time auditors and reports directly to the Board of Directors.
The Audit Office carries out internal audits based primarily on an annual audit plan approved by the Board. In addition, special audits may be conducted as requested by the Board of Directors or in response to specific circumstances.
Both routine and special audits are performed in accordance with the Company’s internal control systems and related regulations. After each audit is completed, the Audit Office provides improvement recommendations and prepares an audit report, which is reviewed and approved by the Chief Audit Officer. The report is then submitted to the director authorized by the Board for acknowledgment and distributed to the independent directors and members of the Audit Committee by the end of the following month.