The Company’s Internal Audit Office operates as an independent unit, staffed with a Chief Auditor and full-time audit personnel, and reports directly to the Board of Directors. The appointment and dismissal of the Chief Auditor are subject to the consent of the Audit and Risk Committee and approval by the Board. Management grants the Internal Audit function sufficient authority to evaluate deficiencies in the internal control system and assess operational efficiency, ensuring the continuous and effective implementation of internal controls. The function also assists the Board and management in fulfilling their responsibilities and strengthening corporate governance.
In addition to regularly attending Board meetings to present reports, the Chief Auditor provides periodic reports to the Audit and Risk Committee. Internal audit activities focus on assisting the Board and management in reviewing deficiencies in the internal control system and evaluating the effectiveness and efficiency of operations. Timely improvement recommendations are provided to ensure the internal control system remains effective and serves as a basis for review and revision.
The scope of internal audit covers all operational activities of the Company and its subsidiaries. Audit work is primarily conducted in accordance with risk-based audit plans approved by the Board. In addition, ad hoc project audits are performed as necessary. Audit findings are discussed with the Convener of the Audit and Risk Committee and the Chief Auditor regarding the status of internal control operations.
Through the execution of both routine and project-based audits, the Internal Audit function provides objective assurance and insights into the effectiveness of the internal control system. It also offers management an additional channel to identify existing or potential control issues and respond in a timely manner.
All identified internal control deficiencies and irregularities are documented and tracked for follow-up. The status of corrective actions is reported to management in a timely manner to ensure effective remediation and continuous improvement of the internal control system.
In addition to regularly attending Board meetings to present reports, the Chief Auditor provides periodic reports to the Audit and Risk Committee. Internal audit activities focus on assisting the Board and management in reviewing deficiencies in the internal control system and evaluating the effectiveness and efficiency of operations. Timely improvement recommendations are provided to ensure the internal control system remains effective and serves as a basis for review and revision.
The scope of internal audit covers all operational activities of the Company and its subsidiaries. Audit work is primarily conducted in accordance with risk-based audit plans approved by the Board. In addition, ad hoc project audits are performed as necessary. Audit findings are discussed with the Convener of the Audit and Risk Committee and the Chief Auditor regarding the status of internal control operations.
Through the execution of both routine and project-based audits, the Internal Audit function provides objective assurance and insights into the effectiveness of the internal control system. It also offers management an additional channel to identify existing or potential control issues and respond in a timely manner.
All identified internal control deficiencies and irregularities are documented and tracked for follow-up. The status of corrective actions is reported to management in a timely manner to ensure effective remediation and continuous improvement of the internal control system.