Organization of the Auditor’s Office (IA)
The Company’s Internal Audit task force is comprised of full-time internal auditors and is directly under the Board of Directors. The chief auditor reports audit performance to each independent director on a regular basis and attends the board meeting to report the status of internal controls. The main purposes of internal auditing are to assist the board and the company’s managers in checking and reviewing potential defects in the company’s internal control system, to evaluate the effects and efficiencies of operations, and to provide timely suggestions for improvement to ensure the continuous use of effective internal control systems. The Auditor’s Office (IA) reports directly to the Board of Directors. The chief auditor reports audit performance to each independent director on a regular basis and attends the board meeting to report the status of internal controls.
Appointment and dismissal of Internal Auditors
- According to the Article 14-5 of Securities and Exchange Act, any appointment or dismissal of the chief internal auditor shall be subject to approval by the audit committee and be submitted to the board of directors for a resolution.
- According to the Corporate Governance Best Practice Principles and Internal Audit Implementation Rules, appointment, dismissal, evaluation and review, salary and compensation of internal auditors are submitted by the chief internal auditor to the board chairman for approval. We had released the above-mentioned regulation on company’s website.