| Internal Audit |
- CHILISIN's Internal Audit function is an independent unit that reports directly to the Board of Directors, and is equipped with full-time auditors, including a total of 2 audit supervisors and auditors. Its head of audit is appointed and approved by the Board of Directors..
- The responsibility of the Audit Department is to assist the Board of Directors and Executives to check and review the deficiencies of the internal control system, measure the effectiveness and efficiency of operations, and provide timely improvement suggestions to ensure the continuous and effective implementation of the internal control system; which serves as a model used to further review and modify the internal control system onwards. The scope of the reviews covers all units, operations and subsidiaries of the company.
- The Audit Department draws up an annual audit plan based on the results of the risk assessment, including the items that should be audited every month. The annual audit plan is approved by the Board of Directors and thoroughly executed to evaluate the company’s internal control system. The completed annual audit report is compiled with working papers and related materials. The Audit Department also performs other project audit or review as needed.
- When the Audit Department performs audit operations, it should fully communicate with the audited unit on the results of the annual audit project. The deficiencies and abnormalities of the internal control system found during the evaluation should be disclosed in the audit report and to be followed up afterwards. The follow-up reviews and reports on the improvement will be on a quarterly basis minimum until the improvements are completed, to ensure that the relevant units have taken appropriate improvement measures in a timely manner.
- The Audit supervisor must attend the Audit Committee and the Board of Directors’ meetings at least once a quarter to report the implementation progress of the internal audit business and audit findings.
- The Audit Department reviews the self-assessment reports of the internal control system of the company and its subsidiaries each year; along with the improvement status of the deficiencies and abnormal matters found; to serve as a basis for the Board of Directors and the President to evaluate the effectiveness of the overall internal control system and to issue the declaration letter of the internal control policy.
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