LOTES CO., LTD

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Corporate Governance

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(1) Internal audit organization
The internal audit of the company is a detached and independent department directly subordinate to the board of directors. In addition to reporting at regular board meetings, it also reports to the chairman of the board every month or when necessary. The company's internal audit unit has a full-time auditor (including subsidiaries). There are 5 audit staffs including supervisors and auditors. The appointment, dismissal, appraisal and salary of auditors shall be approved by  the chairman of the board .

(2) Internal audit operation
The internal audit operation regulations specify the internal control of the company's operating procedures for internal audit review, and report on the appropriateness, effectiveness and efficiency of the design and routine practice of such controls; its scope includes all operations of the company and its subsidiaries.
Audit responsibilities are mainly implemented in accordance with the audit plan approved by the board of directors, which is drawn up based on the identified risks, and special audits or reviews are carried out as needed. In addition to the above-mentioned general audits and project implementation status, the internal control operation status is also reported to the management and provided to the management in a timely manner so that they can understand existing or potential deficiencies.
In addition, internal audits also review the self-inspections performed by various departments, including whether operations are performed and review documents to ensure the quality of the implementation, and integrate the self-inspection results and report to the CEO and the board of directors.

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