Internal Control and Risk Management

The Audit Committee

The Board of Directors has assigned 3 audit directors to supervise, monitor and consider the suitability and sufficiently of the internal control system due to the ever-changing conditions. This makes it necessary to be assessed annually and the results will be reported directly to the Board of Directors.

In each year, the Audit Committee will meet with the external auditor of the Company which is EY Office Limited and internal auditors on a regular basis at least once a quarter to follow up and inquire about the Company’s internal control system which was clarified that no significant deficiencies were found in the Company’s internal control system.

At the Board of Directors Meeting No. 5/2021, dated December 23, 2021, the Board of Directors received a preliminary report from the Audit Committee regarding the assessment of the sufficiency of the internal control system for the year 2021, it is of the view that the Company has an internal control system that is sufficient and appropriate to the current situation which has adopted the framework of internal control assessment according to the assessment form of the Securities and Exchange Commission. Such scope covers all 5 elements, namely, the environment within the organization, risk assessment, control activities, information and communication system, and the monitoring and evaluation system as defined by the international standards of COSO (The Committee of Sponsoring Organizations of the Treadway Commission) which the Board of Directors has considered and agreed with the proposed by Audit Committee.

At the department or division level, the company has applied the self-assessment system for the operations of various departments which will be done annually in order to review its operations and develop various work systems to make the internal control more efficient and effective and encourage continuous development.