Internal Audit Organization
The Company's Internal Audit Department reports directly to the Board of Directors. In accordance with the Company's size, business operations, management needs, and applicable laws and regulations, the Company appoints a sufficient number of qualified internal auditors.
Currently, the Internal Audit Department is staffed by one Chief Internal Auditor. The appointment and dismissal of the Chief Internal Auditor are subject to the approval of the Audit Committee and the Board of Directors.
Internal Audit Operations
1. An annual audit plan is prepared based on the results of the Company's risk assessment and submitted to the Board of Directors for approval before implementation. Audit reports are provided to all Independent Directors, and the status of audit activities is reported at Board meetings.
2. Any deficiencies in the internal control system and irregularities identified during audit activities are accurately documented in audit reports. Follow-up reports on corrective actions are prepared quarterly and submitted to the Independent Directors until all identified issues have been properly addressed.
3. Each year, the Internal Audit Department oversees the Company's departments and subsidiaries in conducting internal control self-assessments and reviews the results. Together with the status of corrective actions for identified deficiencies and irregularities, these assessments serve as the primary basis for the Board of Directors and the President to evaluate the effectiveness of the Company's internal control system and to issue the Internal Control System Statement.
4. The Company completes the following statutory filings each year:
- By the end of January : Submit the roster of internal auditors.
- By the end of February: Report the implementation status of the previous year's annual audit plan.
- By the end of March: Submit the Internal Control System Statement.
- By the end of May: Report the status of improvements made for deficiencies and irregularities identified in the previous year's internal control system.
- By the end of December: Submit the annual audit plan for the following year.