Page 205 - 56-1 One Report 2022 EN

Part 2 Corporate Governance

reviews, and IT controls which help ensure that the risks that may affect the achievement of set objectives are
mitigated effectively.
4) Information and Communication: the Company obtains or generates and uses relevant and high-quality
information from both internal and external sources to support the functioning of internal controls. The objectives
and responsibilities for internal control, along with other relevant information, are communicated throughout the
organization and the necessary information is communicated to external parties when appropriate.

A Whistle-blowing Policy has been implemented to provide secure and confidential channels for any
stakeholder to make a complaint, report misconduct or fraud, or suspicions thereof, involving the Company. Whistle-
blowing reports are quarterly reviewed by the Audit and Risk Committee.

5) Monitoring Activities: the Company performs evaluations to ascertain whether the components of internal
control are present and functioning. These are conducted by competent functional managers, who have sufficient
knowledge to understand the purpose of and procedure for each evaluation, and are able to carefully analyze the
received information. The Company's Internal Audit department assists the Audit and Risk Committee in overseeing
the internal control system. Its primary role is to ensure independently that the internal controls are adequate and
effective.

Any internal control deficiencies will be communicated to the relevant parties, including the responsible
Management, Audit and Risk Committee, and the Board, in a timely manner so that prompt corrective action can
be taken.
The BOD has assessed the adequacy and effectiveness of the five components of internal control using the
guideline from SEC, as well as reporting from internal and external auditors. The BOD concluded that the Company
has adequate and effective internal control systems and there is a monitoring system for safeguarding the
Company’s and its subsidiaries’ assets from misappropriation used by the Directors or the Management. The
Company’s transactions were undertaken in accordance with the approval authority and recorded properly to
ensure the reliability and accuracy of financial statements. The Company also maintained documentary systems for
information to be readily available for auditing processes by external auditors and regulatory authorities.
Auditors Opinion on the Company’s Internal Controls

KPMG Phoomchai Audit Co., Ltd., the auditor who certified the Company’s Financial Statements for the Year 2022,
has found no significant deficiencies or weaknesses in the control over financial reporting. The auditors have
concluded that the Company had adequate and effective internal control systems in place.
Internal Audit

The Company has established an independent Internal Audit function (IA) which directly reports to the Audit and
Risk Committee. IA is primarily responsible for assuring the effectiveness of the Company’s risk management,
internal control, and governance systems. An Internal Audit Charter is approved by the Audit and Risk Committee
and reviewed on regular basis.
IA develops an annual audit plan by considering the result of the Company’s risk assessment, and strategic
direction along with the risks assessment by IA. IA performs the audit in accordance with the plan approved by the
Audit and Risk Committee, and International Standards for the Professional Practice of Internal Auditing. In addition,
IA has unlimited access to information, personnel, and all departments to achieve audit activities and report its

Part 2 page 81