InnoCare has established an Audit Office, which is directly subordinate to the board, with manning scale of two dedicated auditors.
The appointment and dismissal of the Company’s internal audit supervisor shall be approved by the audit committee and a resolution of the board of directors. The appointment, dismissal, evaluation, and salary remuneration of internal auditors shall be in accordance with the Company’s internal regulations, and shall be reported to the Chairman for approval by the audit manager.
The Audit Office assesses the risks of the whole company on a regular basis and formulates audit plans. After these plans have been approved by the board, on-site examinations and written reviews will be conducted and improvement suggestions are provided for individual units as deemed necessary to guarantee an effective and continued implementation of the internal control system. This information will also serve as a reference for reviews and revisions of the internal control system. The audit managers shall also report the audit results to the board on a regular basis. At the same time, the Audit Office monitors and assists individual units in assessments and inspections of the internal control system to ensure that the board and managers are aware of the level of goal achievement in the fields of operational results and efficiency, financial reports are reliable, and the company complies with relevant decrees.