Internal Audit 2020-12-29T08:43:38+00:00

INVESTOR RELATIONS

INTERNAL AUDIT

  • Purpose of Internal Audit

The purpose of internal audit is to assist the board of directors and mangers in inspecting and reviewing defects in the internal control systems as well as measuring operational effectiveness and efficiency, and make timely recommendations for improvements to ensure the sustained operating effectiveness of the systems and to provide a basis for review and correction.

  • Internal Audit Organization
    1. The audit office of WTC is an independent unit directly under the board of directors, with a chief internal auditor and qualified full-time auditors.Any appointment or dismissal of the chief internal auditor shall be subject to approval by the audit committee and be submitted to the board of directors for a resolution.
    2. According to WTC『Operation and Management of Internal Audit Office』, the recruitment, evaluation, and remuneration of internal auditors are submitted to the board of directors for approval, or by submission by the chief internal auditor to the chairman of the board for approval.
  • Operation of Internal Audit
    1. WTC has established and carries out 『Operation and Management of Internal Audit Office』which includes purpose, functions, and responsibility of the audit office and the scope of internal audit.
    2. The audit office formulates annual audit plans for next year based on the results of the risk assessment and【Regulations Governing Establishment of Internal Control Systems by Public Companies】at the end of year , and faithfully implements the annual audit plans which are approved by the board of directors. Special audit may be performed if needed.
    3. The audit report shall be prepared after the completion of the internal audit. The audit office shall recommend and communicate with the audited unit if any defects or irregularities are found and regularly follow up the correction. In addition to the Chairman, the audit report and follow-up correction report are also sent to the independent directors for review.
    4. In addition to attending and delivering a report to the board of directors meeting, the chief internal auditor shall at least quarterly attend the audit committee meeting and report the implementation result of internal audit and internal control systems to the independent directors.
    5. The audit office yearly reviews the self-assessment reports prepared by all departments and subsidiaries, and submits the self-assessment reports, together with the reports on the correction of defects and irregularities of internal control systems discovered by audit office, to serve as the primary basis for the board of directors and general manager to evaluate the overall efficacy of all internal control systems and to produce Internal Control System Statements.