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Internal Auditing & Control

Internal Auditing & Control

Internal Auditing & Control

Internal Audit Organization and Responsibility

CoAsia Electronics Corp. has internal audit to manage and review the effectiveness and efficiency of internal control system and operations for the board of directors and management. There is a regular reporting system to provide observations and suggestions of deficiencies found to the Board who will urge executives and management to take improvement actions.

The internal audit reports directly to the board of directors to execute audit the administration of business process independently. Any personnel management of internal audit has to be approved by the board of directors. The internal audit should be qualified with authority certification and/or license that s/he has to keep update with the competent authority’s regulations by attending trainings of professional association. The internal audit is required to possess knowledge of corporate governance, business ethics, financial market and ethics, anti-money laundering and countering the financing of terrorism. Certificates of CIA, CCSA, CRMA is beneficial to strong audit quality.

To reach our internal audit, you may contact

Phone: 886-2-2655-7699 ext. 104 / Email: [email protected]



Function and Operation of Internal Audit

The internal audit initiates annual internal audit plan based on risk assessment and self-audit report to submit for the board of directors to approve. Amendments, if any, will be submitted to the Board of Directors for approval to implement. The annual audit plan includes audit items required by the competent authority, deficiency and audit findings with attachments as supporting evidence. All these are to be disclosed in annual audit report and take regular tracking of improvement by each unit. All these audit reports, tracking reports and attachments are to be kept for at least 5 years.

The internal audit reports and tracking reports are first managed by inspected units with improvement actions then submits to the supervisor and the independent director of the BOD. When there is material information or operational defects, the internal audit is responsible to report to the supervisor and the independent director of the BOD instantly. During the meeting of the board of directors, the internal audit should sit in and report audit status and findings.

Moreover, when inspecting each unit, the internal audit should record the implementation status and shall continually conduct follow-up reviews on any examination opinions or audit deficiencies. Submit a written report on the implementation of improvement of deficiencies to the board of directors and list these as an important factor in the relevant department's performance evaluations.

The internal audit manager followed annual audit plan to provide audit report, in the following month of inspecting each unit, to the supervisor and the independent director of the BOD. A further follow-up tracking report will be submitted quarterly. The said reports are submitted on 2019/1/28, 2019/5/9, 2019/8/5, 2019/11/7 and 2020/3/12. No specific deficiency is observed in reports.



Date

Communication for Comments from the supervisor and the independent director of the BOD.


2020/3/12

2019/11/7


    1. Review 2019/Q4 audit plan and internal control report
    - Inventory cycle
    - Remuneration Committee
    - Stakeholders management
    - Financial reporting process and
    accounting process in line with international accounting principles
    - Legal compliance
    - Asset management
    - Stock affairs management
    - Board of directors management
    - Subsidiaries audit management



    1. Review 2019/Q3 audit plan and internal control report
    - Order and collection cycle
    - Sales and collection cycle
    1 Review 2020 audit plan

2019/8/5

2019/5/9


    1. Review 2019/Q2 audit plan and internal control report
    - Capital acquisition and repayment cycle
    - Payroll cycle



    1. Review 2019/Q1 audit plan and internal control report
    - Seal management cycle
    - Information management cycle
    - Investment cycle


2019/1/28

  • 1. Review 2018 Internal Control Statement
    - Internal control system self-inspection





The Internal Control Statements have been reported to the competent authority after receiving approval from the board of directors.
They were simultaneously unfolded on the Taiwan Market Observation Post System and the website