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Article 8
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In addition to control activities for different types of operating cycles as set out in the preceding article, a public company shall include controls for the activities listed below in its internal control systems:
- Management of the use of seals.
- Management of the receipt and use of negotiable instruments.
- Management of the budget.
- Management of assets.
- Management of endorsements and guarantees.
- Management of liabilities, commitments, and contingencies.
- Implementation of authorization and deputy systems.
- Management of loans to others.
- Management of financial and non-financial information.
- Management of related party transactions.
- Management of the procedures for preparation of financial statements, including management of application of International Financial Reporting Standards, procedures for professional accounting judgments, and processes for making changes in accounting policies and estimates.
- Supervision and management of subsidiaries.
- Management of operation of board meetings.
- Management of shareholder services.
- Management of personal information protection.
The internal control system of a public company that has established an audit committee shall include the management of audit committee meeting operations.
The internal control system of a company whose stock is exchange-listed or traded over the counter shall also include controls over the following operations:
- Management of the operations of the remuneration committee.
- Management of the prevention of insider trading.
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