Internal Audit Internal Audit Organization

Asia Cement Corporation (hereinafter referred to as "the Company") has established an Auditing Department, which reports directly to the Board of Directors. The Auditing Department Head is appointed by the Board of Directors with the agreement of the Audit Committee. Meanwhile, staffing of Auditing Department is based on considerations both of operational scale and management needs.


  1. Operation of Internal Audit

1. The Auditing Department develops audit plans in accordance with legal requirements and risk assessments with the Board of Directors’ approval.
2. Auditing Department executes approved audit plans and issues audit recommendations for managements’ control improvement considerations to ensure the continuous effectiveness of the Internal Control System design and implementation.
3. Audit reports, along with managements’ responses to control enhancement and improvement timelines, are submitted for Independent Directors’ review by the following month upon audit report completion.
4. Auditing Department continuously and closely monitors managements’ improvement plans for control discrepancies closure to ensure the effectiveness of Internal Control System.
5. The Auditing Department Head reports to the Audit Committee and the Board of Directors periodically on the status of audit plan execution and audit operations to reinforce the spirit of corporate governance.
 
Internal Control Self-Assessment

The Auditing Department reviews the self-assessment results of internal control systems conducted by business units and subsidiaries of the Company. The results along with audit review opinion and the management’ improvement to internal control deficiencies all serve as a basis for the Board of Directors and President to evaluate overall effectiveness of Internal Control System and to issue Internal Control System Statement.