HomeInternal Audit Implementation
Internal Audit Setup
The Internal Audit unit of CHUNG FU Co., Ltd. is directly subordinate to the Board of Directors. It is staffed with a suitable number of dedicated internal auditors based on the company’s size, business circumstances, management needs, and relevant legal requirements.
The appointment and removal of the head of Internal Audit at CHUNG FU Co., Ltd. must be approved by the Audit Committee and ratified by the Board of Directors. If independent directors are appointed, any objections or reservations they may have should be recorded in the minutes of the Board meetings.
Purpose of Internal Audit
The purpose of conducting internal audits is to assist the Board of Directors and management in inspecting and reviewing deficiencies in the internal control system and assessing the effectiveness and efficiency of operations. It aims to provide timely recommendations for improvements to ensure the continuous and effective implementation of the internal control system and serve as a basis for revising the internal control system.
Internal Audit Procedures
Pre-audit planning
On-site audit operations
Analytical and research tasks
Audit reporting
Post-audit follow-up
Submission for review, reporting, and filing
Data preservation
Post-Audit Follow-Up on Internal Audit Items
Internal audit personnel should fully communicate with the audited units about the results of the annual audit items. Deficiencies in the internal control system and any irregular findings identified should be accurately disclosed in the audit report. After the report is submitted, these issues should be followed up on, with quarterly reports generated until improvements are confirmed, ensuring that related units have timely taken appropriate corrective measures.
Key points for post-audit follow-up assessments include:
Verification of unresolved or improperly handled significant matters.
Verification of whether corrections and suggestions from previous audit reports have been appropriately implemented and the effectiveness of such improvements.
Internal Audit Implementation Guidelines File Download: pdf
The Internal Audit unit of CHUNG FU Co., Ltd. is directly subordinate to the Board of Directors. It is staffed with a suitable number of dedicated internal auditors based on the company’s size, business circumstances, management needs, and relevant legal requirements.
The appointment and removal of the head of Internal Audit at CHUNG FU Co., Ltd. must be approved by the Audit Committee and ratified by the Board of Directors. If independent directors are appointed, any objections or reservations they may have should be recorded in the minutes of the Board meetings.
Purpose of Internal Audit
The purpose of conducting internal audits is to assist the Board of Directors and management in inspecting and reviewing deficiencies in the internal control system and assessing the effectiveness and efficiency of operations. It aims to provide timely recommendations for improvements to ensure the continuous and effective implementation of the internal control system and serve as a basis for revising the internal control system.
Internal Audit Procedures
Pre-audit planning
On-site audit operations
Analytical and research tasks
Audit reporting
Post-audit follow-up
Submission for review, reporting, and filing
Data preservation
Post-Audit Follow-Up on Internal Audit Items
Internal audit personnel should fully communicate with the audited units about the results of the annual audit items. Deficiencies in the internal control system and any irregular findings identified should be accurately disclosed in the audit report. After the report is submitted, these issues should be followed up on, with quarterly reports generated until improvements are confirmed, ensuring that related units have timely taken appropriate corrective measures.
Key points for post-audit follow-up assessments include:
Verification of unresolved or improperly handled significant matters.
Verification of whether corrections and suggestions from previous audit reports have been appropriately implemented and the effectiveness of such improvements.
Internal Audit Implementation Guidelines File Download: pdf