Internal Audit is an independent unit and reports directly to the Board of Directors. The team is instructed by the Board and Audit Committed. Currently, there are 4 members in the Internal Audit.
The team prepares annually the audit plan subject to the market conditions and previous audit reports, and implements the plan upon the approval of the Board.
The findings and recommendations will be reviewed by the Audit Committee before end of the next month.
The Audit manager is responsible for reporting in the Board.
All business units and subsidiaries are required to conduct self-assessments at least once a year. Internal Audit reviews the results of all the self-assessments combined with the findings & recommendations, the improvement made to establish the basis for audit report and for the Board and general manager to evaluate the effectiveness of internal audit system.
All subsidiaries establish the required control system based on local government rules and the operation nature. Subsidiaries are within the internal audit boundary and are audited according to risk assessment result. Audit team should discuss the findings with counterparties, demand the proposed solutions, and track the progress to ensure proper improvement measures are taken.