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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.
• 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)
• Organization
  

  Organization of Audit Committee

  1. 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	3rd Quarter	Report on the semi-annual audit results, etc.
2nd Quarter	Report on outstanding issues Establishment and revision of regulations related to audit	4th Quarter	Report on outstanding issues Establishment and revision of regulations related to audit