Part Ten: Internal Audit
Article 48
1. The Finance Company must establish an internal audit department reporting directly to the audit committee. The internal audit department shall be independent in performing its duties, and its employees shall not be assigned any other responsibilities. 2. The internal audit department manages and assesses the internal control system and to assure the extent to which the company and employees, comply with the applicable laws, regulations, circulars and Finance Company’s policies and procedures, whether outsourced or not. The internal audit department must have full and unlimited access to information and documents. Article 49
The internal audit department shall operate according to a comprehensive audit plan, approved by the audit committee and updated on an annual basis. Major activities and operations, including those related to risk management and compliance, must be audited annually.
Article 50
1. The internal audit department must prepare and submit to audit committee a written report on its work at least quarterly. This report must include the scope of the audit, all findings and recommendations. It must also include the procedures taken by each department in respect of the findings and recommendations of the previous auditing and any related observations, especially if they have not been settled on time and the reasons for their unsettlement. 2. The internal audit department must prepare and submit to the audit committee a written general report on all audits in a fiscal l year, compared with the approved plan and stating any gaps or deviation from the plan, if any. This report shall be submitted within the first quarter following the end of the relevant fiscal year. Article 51
The Financing Company shall maintain the working documents and audit reports that, show in a transparent manner the work carried out, as well as findings and recommendations and what has been accomplished regarding these recommendations.