Promate’ Internal Audit function is an independent unit that reports directly to the Board of Directors. Besides informing the Board during its ordinary meetings, it briefs the Chairman and the General Manager on a monthly and on as needed basis. There are four full time employees dedicated to Internal Audit, including the Internal Auditing Officer and audit representative.
Promate has established and carries out “internal control systems” according to the Regulations Governing Establishment of Internal Control Systems promulgated by the Securities and Exchange Act.
The majority of the audit work is executed according to an annual plan. Special audits or reviews are conducted as needed. The combination of the regular audits and the special projects provide management with feedback on the functioning of the internal control system.