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Article NO. Content

Title:

Taiwan Stock Exchange Corporation Procedures for Routine Regulation and Regulation by Exception Over Financial and Business Affairs of Listed Companies  CH

Amended Date: 2019.09.10 
Categories: Primary Market > Management > Auditing and Review
Article 11     When any material event occurs to a listed company, the TWSE, after looking into the circumstances in accordance with the preceding Article, shall conduct an on-site audit under regulation by exception. The auditing procedure are as follows:
  1. Appoint dedicated personnel to conduct the audit.
  2. Draft the key points for the audit and submit them to the competent authority for recordation.
  3. Conduct an on-site audit at the listed company.
  4. When any material irregularity is found during the audit, the case shall be reported to the competent authority via telephone or facsimile. If the audited company has violated any securities-related law or regulation, after the audit, a letter shall be sent to the listed company notifying it to make corrections. If the circumstances are serious, the TWSE may issue a letter requiring the listed company to send personnel to attend education classes held by an organization designated by the competent authority, and forward a copy of the letter to the organization. If the company does not send personnel to attend the classes, the TWSE may, depending on the nature of the deficiencies, list the company as a priority subject for auditing in subsequent substantive review of financial reports, routine regulation or regulation by exception, or internal control system audit.
  5. When necessary, [the TWSE] may ask the audited company to hire a CPA to conduct a special audit of the company's internal control system and produce an audit report.
  6. The special audit report shall be completed as soon as possible. If any irregularity is found, the report shall be submitted for review at the appropriate levels [within the TWSE], and then submitted case-by-case to the competent authority for further handling.
  7. Audited companies shall be listed for a period of 1 year for test audit for the verification of material information at each quarter.