WISDOM EDU INTL: Completed internal monitoring review
WISDOM EDU INTL announced that the special committee has completed its review of related party transaction management and believes that a sound management system has been established. The issues identified during the review were mainly related to the preparation and timeliness of reporting documents, which have been corrected. The company has introduced accountability and disciplinary measures to ensure compliance with internal control regulations. The special committee confirmed that the management system has no significant defects and is sufficient to support business development and compliance management. The company will continue to strengthen internal controls to protect shareholder interests
According to the announcement from Guangzheng Education (06068), the special committee has completed its review, focusing particularly on the management of related transactions, including cash advances to affected entities and compliance with Chapter 14A of the Listing Rules. The review considered the termination of consolidated accounting and the impact on affected entities and the ongoing operations of the group.
Based on the review results, the special committee believes that the group has established a sound management system for related transactions, covering policies, identification mechanisms, approval processes, reporting, and disclosure requirements. The issues identified during the review were mainly related to the preparation and timeliness of submitted reporting documents, which have been corrected.
Since the review, the company has introduced accountability and disciplinary measures for future violations of related transaction regulations or procedures. Any failure to comply with established internal controls or reporting requirements will be subject to internal investigation, and responsible parties may face disciplinary action according to the company's internal policies.
The special committee confirmed that there are no significant internal control deficiencies in the group's management system for related transactions, and the current system is sufficient to support business development and compliance management needs. The group will continue to strengthen internal controls to ensure comprehensive monitoring and timely disclosure of related transactions, safeguarding the interests of the company and its shareholders
