Background
Audit Committee is organized to inspect the businesses and accounting of KNOC in accordance with the auditing standards specified by the state government
Composition and Term
- Composition: Board of Directors is composed of more than 3 directors, including Chairman, Non-Executive Director and Accounting or Financial Expert.
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Term
- Executive Auditor: 2 years (Reappointment available by the year)
- Non-Executive Auditor: Same as the term of non-executive director (2 years, reappointment available by the year)
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Organization
Organization of Audit Committee
- Chairman of Audit Committee(Non-Executive)
- Committee(Executive)
- Committee(Non-Executive)
Duties of Audit Committee
- Deliberation and resolution on annual audit plan, re-examination on internal audit, and accusation on crimes related to duties
- Resolution on appointment, change or dismissal of an independent auditor, reporting on the audit results by an independent auditor
- Deliberation and resolution on establishment, revision and abolition of regulations related to audit and ehtics
Audit Committee Meeting
- The regular audit committee meeting is basically convened once a quarter
- The extraordinary meeting is convened as necessary
[Annual Agenda in Audit Committee Meeting]
Board Meeting
1st Quarter |
- Report on the audit results the previous year
- Approval on financial statement of the previous year
- Audit planning of the year
- Planning audit training of the year
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3rd Quarter |
- Report on the semi-annual audit results, etc.
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2nd Quarter |
- Report on outstanding issues
- Establishment and revision of regulations related to audit
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4th Quarter |
- Report on outstanding issues
- Establishment and revision of regulations related to audit
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