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    Corporate Governance

    Internal Audit

    1 Internal Audit System

    The design, operation and auditing activities of the company’s internal control are in compliance with Regulations Governing Establishment of Internal Control Systems by Public Companies and other related regulations.

    1.1 Purpose of Internal Audit

    The purpose of internal audit is to assist the Board of Directors and the management team in inspecting and reviewing defects of the internal control system, the effectiveness and efficiency of the operation, reliability of financial reports and compliance with laws and regulations. Recommendations are made timely to ensure sustained effectiveness of the internal control system and as a reference for further improvement, to help the operation and governance of the Company.

    1.2 Organization of Internal Audit

    • 1.2.1 The internal audit department belongs to the Board of Directors, performing the duty of internal audit. The number of qualified auditors is designed according to the size of the company, operation and management, and in compliance with relevant regulations. The department consists of an internal audit manager and a team of one auditor.
    • 1.2.2 The appointment and replacement of the internal audit manager shall be passed through the resolution of the Board of Directors, and report to Financial Supervisory Commission (FSC) through the Internet-based information system by the 10th of the following month.
    • 1.2.3 A person shall not be qualified for appointment of internal auditor unless he/she holds relevant qualifications/certifications and receives the amount of training required by the law. Details of the internal auditors, including name, age, education, work experience, the number of years of service and training received, shall be reported to FSC through the Internet-based information system in the prescribed formats by the end of every January.

    1.3 Operation of Internal Audit

    Internal auditors shall perform tasks independently and objectively and periodically report to supervisors. The internal audit manager is required to attend and report at Board meetings.
    • 1.3.1 Internal auditing activities are executed according to the items, time, procedure and process set by the Company. Internal auditors shall conduct audits regularly and randomly and ask the audited departments to provide documents, books of accounts and certificates, and audit specific items if deemed necessary.
    • 1.3.2 The Internal Audit Department shall devise the annual audit plan according to outcome of risk assessment, identify monthly/quarterly audit items, review the Company’s internal control system and provide working paper and relevant document for report.
    • 1.3.3 Supervise and ensure the effectiveness of the internal control system in each department and subsidiary. The Internal Audit Department shall review the reports submitted by the departments and subsidiaries, compiles the reports into the internal control system statement, publicly announce the statement and include it in the annual report and on the websites designated by FSC within three months following the end of each fiscal year.
    • 1.3.4 Internal auditors shall faithfully disclose in audit reports any defects and irregularities found during internal audit activities, in the internal control system statement, self-conducted audits and audited items led by accountants; prepare follow-up reports on a regular basis to ensure necessary measures have been taken and as a key indicator for performance evaluation at each department.
    • 1.3.5 Audit and follow-up reports, once presented, shall be submitted to supervisors by the end of the following month when the audit is completed. Any material breach or likely substantial damage to the Company shall be reported timely to supervisors.
    • 1.3.6 Internal auditors shall report to FSC through the Internet-based information system in prescribed formats a) audit plan of the following fiscal year by the end of each fiscal year; b) execution of the audit plan of the previous fiscal year within two months following the end of each fiscal year; c) defects and improvement of irregularities of internal control in the previous fiscal year within five months following the end of each fiscal year.