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Corporate Governance

Organization

The internal audit department at SKFH is directly under the Board of Directors. The department has one auditor general of rank equal to a company vice president. The auditor general may not concurrently perform functions that conflict with or impede his or her auditing responsibilities. The auditor general is independent in the execution of auditing functions, and presents an audit report to the Board of Directors and Supervisors on a half yearly basis. The auditor general is aided by three assistants in the execution of internal auditing work.

Responsibilities

The internal audit department drafts annual audit plans and conducts routine business audits at least annually. It also conducts special business audits on the finance, risk management, and compliance of the company and its subsidiaries at least semi-annually, and prepares internal audit reports accordingly.
Internal audit reports are delivered to the Supervisors and Independent Director for review and, within two months following completion of the audit, submitted to the competent authority in writing.
The auditor general may, due to operational needs, assign any internal auditors from any subsidiaries to carry out internal audit work of the company and its subsidiaries.
The internal audit department prescribes the content of and procedures for self-audits and assessments of the internal control system, which is conducted at least once every year. The department also monitors the implementation of periodic self-audits by various departments and examines self-audit reports.
SKFH reviews subsidiaries’ CPA audit reports and examination reports issued by the financial examination agency. For subsidiaries with internal audit departments, SKFH reviews their audit plans, reports on significant deficiencies identified in internal audit reports and improvement measures, and monitors the implementation of improvements by each subsidiary.
The auditor general of SKFH periodically evaluates the effectiveness of the internal control activities of subsidiaries and, after having reported to the Board of Directors, sends the evaluation results to the relevant subsidiary's Board of Directors for reference in personnel evaluations.