Audit items and audit intervals for TSEC audits of securities firms will be determined in accordance with the annual operations plan and matters specified in instructions from the competent authority.
Audit items are as follows:
- General audits:
- Routine audits: audits of finances, operations, and internal auditing operations (or self-auditing operations at the securities firm's branch offices).
- Selective audits: audits based on indicators of irregularities, complaints from investors, and matters for which the competent authority requests an audit other than a special audit.
- Special audits:
A special audit shall be conducted in any case where the circumstances of any subparagraph of Article 3 of the Regulations Governing Targeted Examination of and Guidance to Securities Firms are present.