Internal Audit | INVESTORS | beiley biofund

Organization

1. Subordination and Staffing:
   The internal audit function is subordinate to the Board of Directors. based on the company's scale, business conditions, management needs, and other statutory regulations, competent and appropriate numbers of full-time internal auditors are assigned.
2. Appointment and Dismissal:
   The appointment or dismissal of the Chief Internal Auditor shall be approved by a resolution of the Board of Directors. Following the establishment of the Audit Committee, such matters must first obtain the consent of the Audit Committee before being submitted to the Board of Directors for approval. 
3. Regulations:
   The regulations governing the appointment and dismissal of internal auditors have been established within the Internal Audit Implementation Rules.

Objectives

1. Purpose of Implementation:
   The purpose of internal auditing is to assist the Board of Directors and management in inspecting and reviewing deficiencies in the internal control system, as well as measuring the effectiveness and efficiency of operations. By providing timely recommendations for improvement, it ensures the continuous and effective implementation of internal controls and serves as a basis for reviewing and revising the system.
2. Management Assistance:
   The nature of internal audit work is to serve as a management aid. It ensures that various operational records and processing procedures are robust and facilitates the continuous collection of information for decision-making or planning references. From an independent standpoint, it provides effective analysis and evaluation of each department's business activities based on established standards or regulations to assist all levels of management in fulfilling their missions.

Responsibilities

1. Independence and Reporting:
   Internal auditors shall uphold a spirit of detachment and independence, performing their duties with objectivity and fairness. In addition to reporting audit operations to the Supervisors regularly, the Chief Internal Auditor shall attend Board of Directors meetings to deliver reports.
2. Reporting Significant Matters:
   Upon discovering significant regulatory violations or situations where the company is at risk of suffering material damage, a report must be prepared immediately for review, and the Supervisors or Independent Directors must be notified.
3. Continuing Education:
   Internal auditors shall engage in continuous professional development and participate in internal audit training programs organized by institutions recognized by the Financial Supervisory Commission (FSC) to enhance audit quality and professional competence.