OREANDA-NEWS. March 12, 2012. Since Baosteel implements management reform, tangible results have been achieved in  auditing section (system unified management pilot area)'s adjustment and optimization due to recent years' exploration and practice. At present, Baosteel audit system has formed "two settings, unified management, shared resource" management and control mode and achieved "unified planning project, unified information platform, unified template, shared audit results" control objectives, reported the press-centre of Baosteel.

At the Group Corporation level, audit project system planning model is maturing everyday. Baosteel Audit Information Management System (BAMS) achieves full coverage. System practical training and audit results application and promotion enable Baosteel auditing system overall capacity and level to improve. Through enhancing investment auditing function and adding new management audit functions, audit system is changed from "result identification" in the past to "result identification and process improvement". At the same time, it realizes audit method system innovation and sets up Baosteel self-innovated management audit method system with (BSSO) as the core. The continuous improvement of internal audit quality and the implementation of manager audit practical training plan result in significant improvement of the audit environment and audit awareness.

Under the "two settings, unified management " mode, each subsidiary's audit department independent work space and expertise is maintained.  Baosteel subsidiary is one of the subsidiaries with strongest audit system ability. It has formed a relatively mature pattern, has initially completed audit transition work, and plays an important role in company's standard governance and risk management. Baosteel International's audit work focuses on inventory, credit, shearing center's construction and operation.

The auditing project is of quick input, short period and quick rectification. Baosteel Development Co. Ltd. incorporates the main project audit rectification work into key work plan and forms closed loop management (PDCA). Ningbo Steel management audit closely follows the practical needs of the production and operation, and forms positive interaction with business and functional management system. Through the preparation of "fixed assets investment project audit result application reference", BSEE changes audit issues into experience and realizes knowledge sharing. Baosteel Resources carries out audit special case promotion work, gives risk warning for the launching of new business and gives timely correction during the business. Baosteel Chemical gives full play to the power of special auditor and launches a series of short, flat, fast internal control assessment project.

In addition, Meishan Steel adopts "copy+innovation" methods, carries out solid waste management audit projects and achieves good results. Bayi Steel expands the investment management audit business. According to the characteristics of its intense investment project phase, Baosteel Metal moves forward audit switch. According to financial industry regulatory requirements, Hwabao Trust effectively plays the risk control role in internal audit and auditing business.