What Audit Committee is directly responsible for.

■ Audit Committee is directly responsible for the followings.

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○ Selecting and Compensating independent auditor.

 

-The board approval is not required.

 

○ Overseeing the work of the independent auditor.

 

- Therefore cannot delegate that responsibility to management.

 

○ Treatment of complaints received by the issuer regrding accounting, internal controls and auditing matters.

 

 

■ Independent Auditor must report directly to Audit Committee.

-not to the management.