Investors
Financial information
Corporate governance
Organization chart and
Functions
Board of Directors
Committees
Management team
Internal Auditing
Corporate Governance report
Major internal policies
Shareholders' meeting
Shareholders' service
 You are here :
Wistron > Investors > Corporate Governance > Internal Auditing
 
    Organization of audit office
Wistron corporation has established an independent auditing office with direct reporting to the Board of Directors. The Board of Directorsˇ¦ Audit Committee was setup under the Board by all independent directors. Besides reporting to the Board of Directors during Board meetings, the Audit Office head briefs the Chairman and the Audit Committee on a needed basis.  
 
 
 
Manpower:
  General auditor:

1

Manager:

2

Specialist:

2

 
 
    Scope of audit work
The Charter of Internal Audit requires that the internal auditors need to review and report the adequacy, effectiveness, and efficiency of the design and the execution of internal controls on day-to-day basis. All parts of the company and its subsidiaries are open for review by Internal Audit.  
 
    Responsibilities of audit work
With highly rated senior staff, the auditing office aims beyond fraud detection and prevention. The auditing office is expected to contribute to Wistronˇ¦s overall value, and the stakeholders will benefit through this continuous improvement cycle. Through business risk assessments the auditing office helps the company to identify weak points in business processes and coordinates the allocation of resources required for process improvements.
 
    The practices of audit work

The Audit Office conducts an audit plan at the end of each year using a risk-assessment method based on the global and regional economic/political situation and the findings of previous auditing in order to identify the audit focus in coming year. The annual audit plan must be approved by the Board of Directors.

Audit reports in written format are mandated to issue for the review of independent directors on monthly basis and further communications is conducted via emails/phone calls as needed, and the summary is prepared for communication with top executives and then reported to the Board each quarter. Any revised audit plan, due to changed circumstances, needs to be approved by the Board of Directors.

External auditors from CPA firms are invited to have face-to-face communication with independent directors, the CFO, and the Audit Office head at quarterly meetings of the Audit Committee. If necessary, other department heads will be invited as well. The conclusions are presented together with the audit reports in the Board meeting, any instruction made by the Board will be followed up by auditing office.

 
    Self-assessment on internal control
Each department and subsidiary shall conduct a self-assessment on its internal control once a year, audit office will double-check the assessment report. Based on the assessment report, together with the improvement status of the issues identified in past audits, the chairman and the president will judge the effectiveness of the companyˇ¦s internal control and then sign and issue the declaration of effective control for Wistron.
 
    Audit on subsidiaries
Considering the local regulations and the operational complexity of each subsidiary, it is the company policy to have each subsidiary define the internal control required by its operations. Audit office will conduct periodical auditing on the subsidiaries based on the risk assessment, and the auditor shall communicate with the related departments for the issues identified in the auditing and make sure that proper countermeasures are implemented.
 
 
 

 

Copyright © 2004 Wistron Corporation. All Rights Reserved. | Copyright & Trademark _