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SINOPEC and SPC
are both listed companies in Shanghai Stock Exchange, Hong Kong Stock Exchange
and New York Stock Exchange. As a subsidiary, the company shall follow the
parent company's regulation to establish an internal control system as per the
requirements of "Sarbanes Oxley Act 2002" and test and assessment shall be
conducted by world recognized public accounting offices on an annual basis to
prove the effectiveness of the system to the investors of the parent company.
CJATC improved its internal control system
starting from 2005, developed 18 business and management
processes, established the internal control system consisting of 4 parts i.e.
"Control Environment, Risk Assessment, Control Activity, and Information
Communication & Supervision" through the issue of "Internal Control Manual" and
the strict implementation of "Delegation of Authorization Guide".
The sound internal control system also
helps shape the company’s positive risk management culture.
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