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.