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Internal Audit

Internal Audit is designed to assist the Board of Directors and top management on reviewing the internal control mechanism, and further providing the reasonable assurance regarding the achievement of objectives in the following categories:

1. Effectiveness and efficiency of operations.

2. Reliability of financial reporting.

3. Compliance with applicable laws and regulations.

 

The Internal audit function is an independent unit that reports directly to the Board of Directors and the internal audit function head plays an important role in planning and working on the annual audit projects. Besides, the internal audit function head report the auditing findings in the quarterly Board of the Directors meetings and briefs to the Audit Committee on a regular basis.

The charter of Internal Audit defines the process and procedure for performing the internal audits. Internal audit shall include all operations of the company and its subsidiaries. The majority of the audit work is executed according to the annual audit plan approved by the Board of Directors. Such plan is taken into account risks that have been identified. The internal auditor(s) provide the auditing finding reports with the corrective action requests to the auditee and management level. The internal auditor(s) also perform the continue auditing and provide the tracing report until the corrective actions are completed.

Besides, the internal audit unit evaluates and assesses the results of self-assessment by each departments and subsidiaries, so to ensure the effectiveness of the internal control mechanism.

 

Descriptions of the communications between the Independent Directors, the internal auditors, and the independent auditors

1. The Company’s internal auditors have attended and presented the results at the quarterly Audit Committee and Board of Directors meetings. The internal auditors have sent the audit and follow-up reports to the Independent Directors for review periodically.

2. The Company’s independent auditors have attended the Audit Committee and Board of Directors meeting and discussed the financial results.

3. The communications between the Independent Directors, the internal auditors, and the independent auditors are listed in below table:

Date

Highlights of the communications

Opinion of Independent Directors

107/1/26

1. Independent auditors presented KAM items of the audited 2017 consolidated and stand alone financial reports.

2. The head of Internal auditors reported and discussed audit report for the fourth quarter of 2017.

3. The head of Internal auditors reported and discussed the results of internal control self-assessment for the fourth quarter of 2017.

Agree to pass the internal control statement of 2017

107/4/24

1. Independent auditors reported and discussed the impact of IFRS16 of the Company.

2. The head of Internal auditors reported and discussed audit report for the first quarter of 2018.

No opinion

107/7/26

1. Independent auditors presented the audited results on 2018 first half consolidated and stand alone financial reports and Company Law amendments.

2. The head of Internal auditors reported and discussed audit report for the second quarter of 2018.

No opinion

107/10/26

1. The head of Internal auditors reported and discussed audit report for the third quarter of 2018.

2. The head of Internal auditors presented the audit plan of 2019.

Agree to pass the audit plan of 2019 and adjust the audit schedule of subsidiaries according to the local operation.

 

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