Organization and Operation of Internal Audit
- Bio Preventive Medicine Corp.’s Internal Audit function operates as an independent unit reporting directly to the Board of Directors, staffed with dedicated, full-time internal auditors.
- Audit activities are primarily driven by an annual audit plan approved by the Board of Directors, formulated based on identified risks, and supplemented by special project audits or reviews as deemed necessary. By executing these routine and project-based audits, the unit provides timely feedback to management regarding the current operating status of internal controls. This serves as a vital reference for addressing existing or potential internal control weaknesses. Upon completion, written audit reports are prepared, submitted to relevant supervisors, and delivered to Independent Directors for review.
- Internal Audit reviews the internal control self-assessments performed by each department within the Company. This includes verifying whether such assessments are genuinely executed and reviewing supporting documentation to ensure quality. The consolidated results of these self-assessments are then reported to the Audit Committee and the Board of Directors.
- The Internal Audit unit discharges its duties with an objective, fair, and highly independent mindset. In addition to the Chief Internal Auditor regularly attending and reporting at Audit Committee and Board of Directors meetings in accordance with regulations, they shall report directly to the Chairman and Independent Directors whenever necessary.