Wowprime has an independent internal audit team that reports directly to the Board of Directors. Besides reporting to the Board in ordinary meetings, the internal audit team also prepares and submits audit report to the Chairman, President and Audit Committee on a monthly or as needed basis.


According to the charter of Internal Audit, the internal audit team reviews internal control of the Company’s operating procedures and reports on those controls with respect to the appropriateness, effectiveness, and efficiency of their design as well as their ordinary actual practices. The subjects include all parts of the Company and its subsidiaries.


Internal audits are mainly executed according to the audit plans, which shall be approved by the Board of Directors and established based on identified risks. In addition, special audits or reviews are conducted as needed. The results of both general and special audits provide management insights into the functioning of the internal controls and another channel to identify existing or potential deficiencies in a timely manner.


The internal audit team examines the results of self-assessments by each departments and subsidiaries. It inspects whether the process does take place and reviews documents to ensure the quality. The internal audit team integrates the results into self-inspection reports for the Board of Directors, Chairman and President.


Wowprime’s internal audit team consists of 5 employees.