8.2 General Considerations

8.2.1     Types of Audit

As for the Audit, there are two types; audit of business affairs and audit of accounting.

8.2.1.1 Audit of Business Affairs

The audit of business affairs shall be implemented so as to determine whether or not business and administrative operation of OIST is executed appropriately in compliance with laws and regulations, and policies, rules, and procedures of OIST and other related regulations, and is carried out effectively.

8.2.1.1.1 The audit of business affairs may be carried out at the time of implementing the audits by the OIST Auditors.

8.2.1.2 Audit of Accounting

The audit of accounting shall be implemented so as to determine whether or not accounting of OIST is processed through fair documentary evidence and whether or not forms, etc. are recorded appropriately in accordance with laws and regulations, and policies, rules, and procedures of OIST and other related regulations, etc.

8.2.1.2.1 The audit of accounting may be implemented by using the ERP System.

8.2.2     Classification of the Audit

Classification of the Audit shall be periodical audit and extraordinary audit.

8.2.2.1 The periodical audit shall be implemented each year.

8.2.2.2 The extraordinary audit shall be implemented whenever necessary on  matters ordered by the CEO/President or matters which the Chief Compliance Officer (herein after referred to as “CCO”) deems necessary.