Internal Audit

VSO’s internal audit operates as an independent unit directly reporting to the Board of Directors. It is responsible for internal audit activities and operates under the supervision and guidance of the Board of Directors and the Audit Committee.

The audit plan is developed based on identified risks with the aim of assisting management in understanding the effectiveness of internal control systems, measuring operational efficiency, and assessing potential deficiencies. Additionally, as needed, special audits or reviews may be conducted to provide timely improvement advice to enhance VSO's operational performance.

• The internal audit team consists of 2 members, including the head of internal audit and an audit manager. They are required to participate in training and professional development programs provided by relevant organizations each year to ensure their competence.
• According to regulations approved by the board of directors, the appointment and dismissal of the head of internal audit require approval from the audit committee and must be submitted for board approval. The appointment, performance evaluations, and compensation of internal audit manager are managed by the head of internal audit and subject to approval by the chairman of the board. Additionally, evaluations are conducted twice annually.

• Annual audit work is conducted based on the audit plan approved by the board of directors.
• Internal audit results are regularly reported during board meetings Reports on audits or reviews are provided as needed.
• Internal audit supervises all departments and subsidiaries to self-assess the effectiveness of the operation systems. It reviews reports and results from these departments and subsidiaries to ensure the continuous effectiveness of operation systems.
• At the end of each year, an audit plan for the following year is formulated based on risk assessment results and is submitted for approval by the board of directors.