PTC internal audit is an independent unit that reports to the board of directors consisting of two staffs including one manager. It helps the company evaluate the internal control system and improve the integrity, reasonableness and effectiveness of all management policies. To achieve the objectives, the internal audit reviews internal jobs of the company and monitors its subsidiaries according to an annual plans and reports quarterly to the board of directors.
The purpose of internal audit is to assist the board of directors and managers in reviewing the issues of internal control system and evaluating the operational effectiveness and efficiency. It also provides recommendations for improvement to assure internal control run continually and guidance for existing controls.
The execution of internal audit covers investigation and evaluation of internal control system, which measures the existing policies, procedures and the impacts on operating activities. The scope includes items, time, procedures (methods), compliance with laws and regulations, and forms.
The communication between the independent directors and the internal audit manager and the CPA
The company's independent directors follow the organizational rules of the audit committee and regularly convene the audit committee every quarter to review audit reports and financial statements, and convene ad hoc audit meetings from time to time to review the same based on the company's financial and business needs. In addition to regularly attending the audit committee and providing reports and statements related to proposals, the company's auditing manager and CPA also provide various financial and business information for independent directors' review and reference from time to time in accordance with the requirements of the independent directors. They have obtained fully understood results and mutual understanding.