Macronix's Internal Audit function is an independent unit under the Board of Directors. Internal Audit not only briefs audit operations to Audit Committee, but also attends and delivers a report to the board of directors meeting.
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 day-to-day basis.
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 are conducted as needed.
Internal Audit periodically reviews the company's activities with documented self-assessment for each department and operational unit. It also reviews the performance of self-assessment and ensures the quality of the process by verifying related documents. Internal Audit consolidates the result of the self-assessment for the Board of Directors.
There are five full time employees dedicated to Internal Audit including one director and four staffs. The appointment, termination, performance appraisal and compensation of internal audit director and staffs shall be approved by Chairman, and the appointment and termination of Internal Audit director shall be also submitted to the board of directors for approval. The relevant regulations have been disclosed in Macronix's internal regulations webpage area.