For an application for an initial listing of a company's stock, the TWSE shall review the financial statements for the most recent 2 fiscal years approved by the company's board of directors, audited and attested by a certified public accountant (CPA), and recognized by the supervisor(s) or audit committee. If any irregular adjustments to accounting items are found, those items shall be reviewed in the financial report of the preceding year. In cases where the financial report approved by a regular shareholders meeting does not agree with that report, the financial report approved by the regular shareholders meeting shall also be submitted. For reference of the TWSE reviewers, an applicant company whose review period crosses over the time limit for submission of interim financial reports as provided in Article 36 of the Securities and Exchange Act will be notified to additionally submit the financial statements, already submitted to the board of directors and reviewed by the CPAs, for the most recent period of the year of application; where the review period crosses over the fiscal year of the application, the unaudited four major financial statements of the fiscal year of the application shall be additionally submitted. If an applicant company fails to provide the required documents within the specified periods, the TWSE shall return its application.
For an application for an initial listing of a state-owned enterprise's stock, if the listing contract has been approved by the TWSE, and the scheduled commencement date for conducting public underwriting falls after the deadline for public disclosure and filing of financial reports for relevant periods as provided in Article 36 of the Securities and Exchange Act, the state-owned enterprise shall submit to the TWSE the CPA-reviewed quarterly financial reports following the time limit set by the competent authority for listed companies, and transmit the electronic version of the quarterly financial reports to the Internet-based information reporting system designated by the TWSE.