Internal Control and Risk Management

The Board of Directors attaches importance to the Company’s internal control system. The internal control system covers finance and operations in accordance with relevant laws, rules and regulations, with adequate and effective check-and-balance mechanisms to protect, maintain and take care of the Company’s assets. The internal audit unit is responsible for inspecting the operations of all departments to ensure they are accurate, concise and in accordance with specified regulations. An Audit Committee has been established to oversee and supervise the Company’s internal control system in compliance with the policies and plans assigned by the Board of Directors and in accordance with the regulations of the Stock Exchange of Thailand and the Securities and Exchange Commission.

In 2020, the Board of Directors has been informed of the Audit Committee’s report on the review of financial statements and financial reports, as well as the performance of the Company’s internal audit unit as a whole.

The Board of Directors is of the view that the Company’s internal control system as a whole has improved and corrected the past deficiencies and weaknesses to a satisfactory level. The internal audit unit could rationally reassure the reliability of the Company’s financial statements. Property is protected from management and employees from improper use. A control system on transactions with persons who may have conflicts and connected persons and on operations in accordance with the specified procedures are in place. The internal control system is concise, adequate and appropriate in five different areas: internal control, risk assessment, operational control, information and communication system, and monitoring system.

Head of the Internal Audit Unit

The company has appointed Dharmniti Internal Audit Company Limited to act as the Company’s internal auditors, which the Audit Committee deems appropriate to perform such duties due to their independence, knowledge and experience in the audit work. In 2020, Dharmniti Internal Audit Company has followed up on the results of the previous audits and made recommendations on the sales process and payment systems of advertising in print media.

For the audit by Dharmniti Internal Audit Company , Khun Kanchana Rittirongkachon, Assistant Vice President of Internal Audit, the Company’s Internal Audit Department, shall arrange audit dates and request information necessary for the audit from the relevant departments including following up to respond to observations and recommendations from the audit. In this case, the appointment, removal and transfer of the person holding the position of Internal Audit Supervisor must be approved by the Audit Committee.

 

Source :  Annual Report 2020  Page 80