EN
TH

Internal Audit Office

About the Internal Audit Office

The Internal Audit Office is responsible for reviewing the management system and evaluating the efficiency of internal controls. This is to ensure that audited units maintain adequate, appropriate, and effective risk management and internal control systems. This is performed in accordance with The Global Internal Audit Standards issued by the Institute of Internal Auditors (IIA), with the objective of providing assurance and demonstrating transparency in the conduct of the Group’s business to all stakeholders.

Scope of Internal Audit Office

  1. Review and evaluate the adequacy and effectiveness of risk management and internal control systems of the Company and its subsidiaries.
  2. Review and evaluate internal controls over operational systems of internal departments to ensure compliance with established policies, procedures, regulations, authorization limits, as well as relevant and applicable laws and regulatory requirements.
  3. Review the reliability of accounting data and financial reports including accounting practices and records and adherence to accounting standards.
  4. Assess the accuracy, reliability, and adequacy of operating systems, and information systems ensuring that IT security and internal controls are robust, appropriate, and effective.
  5. Review compliance with principles of good corporate governance.

Reporting Line

  1. The Internal Audit Office has a functional reporting line to the Audit Committee.
  2. The Audit Committee is responsible for considering and approving the appointment, removal, transfer, performance evaluation, or termination of the Head of Internal Audit.

Independence

  1. The Internal Audit Office maintains organizational independence, whereby internal auditors report functionally to the Head of Internal Audit Office, and the Head of Internal Audit Office reports directly to the Audit Committee.
  2. Internal audit activities are performed independently with respect to determination of scope of work, audit procedures, timing, and reporting content.
  3. The Head of Internal Audit Office and internal auditors have no responsibility or involvement in operational functions of the Company and/or its subsidiaries outside the internal audit, nor any activities that may impair independence and objectivity.
  4. In the event that independence is impaired, either in fact or appearance, internal auditors shall disclose the details and report such matters to the Audit Committee.

Duties and Responsibilities of the Internal Audit Office

  1. Develop a risk based annual internal audit plan and submit it to the Audit Committee for consideration and approval.
  2. Review, assess, and provide recommendations to improve operational processes of the Company and its subsidiaries related to risk management, internal control, corporate governance; evaluate the reliability and completeness of financial information, as well as monitoring the operations of the Company and its subsidiaries for compliance with relevant policies and regulations.
  3. Review compliance with securities and exchange laws, regulations of the Stock Exchange of Thailand, as well as relevant rules, regulations, directives, standards, policies, plans, or other laws governing the Company’s business operations.
  4. Examine evidence of activities that may materially impact the performance of the Company and its subsidiaries, such as conflicts of interest, fraud, irregularities, or significant deficiencies in internal control systems.
  5. Provide consultancy and advisory services on internal control systems for new operational processes or initiatives to be implemented by the Company.
  6. Coordinate with external assurance providers such as external auditors and relevant regulatory bodies, to enhance audit efficiency and minimize redundancy. This includes follow up on audit’s recommendations to ensure that management has taken appropriate and effective corrective actions.
  7. Monitor and review management’s performance regarding compliance with the Grant of Rights Agreement and report the results to the Audit Committee.

Head of Internal Audit Office

Mr. Natthaphat Mongkonthananon