In accordance with the principles of good governance, the committee review, follow-up and evaluation of the operations, financial report, Risk assessment in management, review the internal control system and reports from internal auditors according to professional standards for internal auditing, including related policies, regulations, or practices as well as suggest solutions for administration problems
In the year 2022, the Audit Committee performed its duties in accordance with the scope of authority assigned by using knowledge, ability, experience, and express opinions independently by meeting with the management and various departments according to the relevant agenda, discuss and consider important matters. From the past operations, the Board of Directors and the Audit Committee agreed that the company has sufficient internal control systems, able to manage risks at an appropriate level as always practices, which summarized as follows:
The company has organized the organizational structure and determined the authorities and responsibilities appropriately in accordance with the business conditions and efficient business operations. The company has set up policies, goals, and action plans by taking into account the fairness, ethical values of the organization and business ethics of all group of stakeholders such as employee, shareholders, business partners, customers, society and the environment etc. The Audit Committee who is independent from the management has supervised the company to comply with the policies, relevant regulations or practices by having the set clear business objectives, measurable in order to achieve the stated objectives and for the benefit of the company in the long term.
In addition, the company has established procedures, written guidelines and make revisions to suit the company's business. There is a monitoring and tracking of the actual operation in the accounting and financial transactions, administration and the main operations of the company Including affiliates such as sales, service, procurement I outsourcing, warehouse and raw material control as well as control and maintenance of company assets, etc.
The Company has identified the risks at the organizational level and operational level or work in process, supervising by the executive and those who perform their duties in the process. The internal auditor is also auditing to assess the controls, and coordinate to plan the risk control measures that may still exist.
The company considers, analyzes, and determines measures or guidelines to identify risks at the organizational level and activity levels or work in process, which is supervising by management and those performing duties in that activity or process. This include the audit by internal auditors using the risk assessment criteria approved by the audit committee to assess the risk and control system and jointly plan to determine risk control measures that may still exist
The Company has specified the overall operational plan and sectional plan as well as the performance report compared with target periodically. The Executive Committee and Board of Director has monitor and control on monthly and quarterly basis respectively.
The company has specified scope of duties and the approval limit of each level of management clearly in writing and monitor the company's management and its subsidiaries regularly by executive meetings hold every month.
For operations at the operational level, the company has an internal audit unit under the supervision of the audit committee to perform audits on various procedures according to the annual audit plan approved by the audit committee or other special assignments. In conclusion, the company as a whole, the company has an internal control system that is sufficient and appropriate, as well as policies and measures in place to prevent or reduce the risk of corruption, or causing errors that may cause serious damage and that the company does not use the company's assets in any way. In checking the operation of various process, in case of finding the incompliance with the policy, regulations, work guidance, or related practices, the internal auditors will provide recommendations for improvement. The management is responsible for the process in order to carry out the appropriate adjustments, improvements and more concise.
The company provides important information to the Board of Directors and management for sufficient decisions making. There are record of conclusion and opinions in the minutes of every meeting. There is an information system for effective communication with every employee level within the organization. There is the filing of documents of the accounting as required by law and meeting between the Audit Committee and the CPA (Certified Public Accountant) to review the accounting policies in accordance with the GAAP (Generally Accepted Accounting Principles) including consideration of various important matters in accordance with the report of the certified auditor.
The company has developed and utilized internal information and communication systems. The Company has continuously developing information technology to ensure that the management of the company is in the right direction, accurate, fast, efficient, and reliable for the benefit of appropriate control in both Preventive Control and Detective Control.
In addition, the Company has expanded the results of the use of Enterprise Resource Planning (IT) systems for various activities inside the company and its subsidiaries, such as financial accounting systems and Inventory Management System. Therefore, the control and administration of the subsidiary companies are more efficient, effective and worthwhile.
In the development and procurement of information technology systems, the Company has process for selection and utilization appropriately and concisely in accordance with the regulations set by the company.
The company holds 4 regular Board of Director meeting per year with extraordinary meetings as necessary and appropriate. The regular Executive Committee meetings holds every month in order to consider and monitor the performance of operations whether or not it is in accordance with the target sets. In the Board of Director's meeting and Executive Committee's meeting, if the performance of operations does not achieve the target, there will have a resolution to the responsible department to take action for corrections.
In addition, the company has provided the monitoring and checking the operation according to the policy, regulations, ethical standards and the good internal controlling system. The company has assigned the Internal Audit unit to responsible for internal audit according to the audit plan approved by the Audit Committees. If the internal auditor finds any faults or matters that should be improved in the internal control system, they will report to the senior management and responsible executive for corrective action without any delay, and report the inspection results including follow-up report, improvements according to the recommendation of the internal auditor to the Audit Committee every quarter.
The Audit Committee holds 4 regular meeting per year and the Audit Committee reports the audit results to the Board of Directors every quarter.
For the year 2022, the company has improved the Business Ethics, Code of Conduct and Anti-Corruption Policy as well as various measures to be in line with current situation and the actual operation. These will prevent or reduce the risk that leads to corruption or causing errors that may cause serious damage including not using the company's assets in any way. In the event that the internal auditor finds the incidents, the internal auditor must report to the Audit Committee immediately in order for the Audit Committee to report the said incidents to the Board of Directors for corrective action as soon as possible.
The auditor of the company is Mrs. Natsarak Sarochanunjeen, the CPA number 4563, which is the auditor of the consolidated financial statements and the company financial statements. For the year ended 31December 2022, the auditor reviewed the company's internal control system to determine the inspection and the scope of operations, and found no significant defects in order to suggest any improvement of internal control in any way.