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About Ability - Internal Audit

The Company’s audit office is an independent department directly reports to the Board of Directors. Besides informing the Board during its ordinary meetings, it briefs the Chairman and the CEO on as needed basis.

The major functions of internal auditors are regularly and irregularly performing audits on financial and business operation to understand the practice of internal controls, evaluating the effectiveness of internal controls and providing reports about improvements and suggestions based on the basis of cost and effect for the purposes of quality improvement, operation efficiency and risk control.

The majority of the audit work is executed according to an annual plan, which needs to be approved by the Board of Directors. Such plan will take into account risks that have been identified. 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; it gives management an additional channel to learn about existing or possible future weaknesses in the system, and addresses them in a timely manner.

Internal Auditors issue audit reports and improvement reports after exercising the audit plan in order to assist the Board of Directors and management in inspecting and reviewing deficiencies in the internal control system as well as measuring operational effectiveness and efficiency, reliability of financial reporting, and compliance with applicable laws and regulations.

The company supplements the review activities by Internal Audit with documented self-assessments by the departments and operational units. Internal Audit sees to it that these activities do take place, and reviews the submissions to ensure the quality of the process. These reports, combined with the corrections of any deficiencies or irregularities of the internal control system discovered by the internal auditors, will be the main references for the Board of Directors and the CEO in evaluating the overall effectiveness of the internal control system and issuing the Internal Control System Statement.

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