Audit Committee

The Audit Committee is an organization exclusively in charge of conducting internal audits for research institutes under the Act on Public Sector Audits

Functions

• As a collegial deliberation and decision-making body, the Audit Commission establishes annual self-audit plans for government-funded research institutions governed by the NST (hereafter referred to as “research institutions”), implements such plans upon obtaining approval from the Board of Directors, and reports the annual self-audit results back to the Board
• The Audit Commission determines matters related to the self-audit of research institutions and handles agenda items submitted to NST, including matters concering
  • The audit policies and annual audit plans of the NST
  • Requests of restitution order for accounting-related personnel
  • Requests for disciplinary actions or financial penalties
  • Requests for corrections, cautions, warnings, improvement actions, recommendations, notifications, accusations, and investigations
  • Requests for re-investigations
  • Deliberations for liability exemptions for proactive administrative actions
  • Handling of unenforceable actions or matters
  • Major policies on joint audits
  • Establishment, revisions, or retirement of NST policies
  • Procedures, internal rules, and administrative processes relating to audits
  • Other matters referred to the meeting by the Chair
• An Audit Office shall be implemented to handle its duties, including the execution of self-audits for research institutions

Appointment Method

The chairperson of the audit committee and members of the audit committee shall be appointed by the chairperson subject to resolution by the board of directors from among persons with abundant knowledge of and experience in auditing affairs and with detailed qualifications prescribed by the articles of association of the Research Council.

Organization

The audit committee shall consist of not less than three, but not more than seven members, including one chairperson.