91APP’s Internal Audit Office is an independent unit with designated personnel who report directly to the Board of Directors. Besides informing the Board during its ordinary meetings, it briefs the Chairman, and the Board Audit Committee on a quarterly and on as needed basis.
The charter of Internal Audit is to review the internal controls in the company’s processes and to report on those controls with respect to the adequacy, effectiveness, and efficiency of their design as well as their actual functioning on a day-to-day basis. All parts of the company and its subsidiaries are open for review by Internal Audit.
The majority of the audit work is executed according to an annual plan, which needs to be approved by the Board of Directors. Special audit projects are implemented as needed. These audits enhance internal control and provide timely recommendations for future improvements. In accordance with corporate governance, audit reports are submitted on a regular basis and reviewed by the Chairman, as well as presented to the Audit Committee and the Board of Directors by the Chief Internal Auditor.
The company supplements the review activities by Internal Audit with documented self-assessments by the divisions and all subsidiaries. Internal Audit sees to it that these activities do take place, and reviews the submissions to ensure the quality of the process; it consolidates the results of the self-assessments for the Board Audit Committee and the Board of Directors.