Page 156 - Anual report STi 2022_eng

9. Internal Control and Related Party Transactions (1) Control Environment
(2) Risk Assessment
9.1 Internal Control (3) Control Activities
9.1.1 The adequacy and appropriateness of the (4) Information & Communication

Group’s Internal Control System.
(5) Monitoring Activities
The group of companies places emphasis on establishing The Board of Directors concludes that the internal
a robust internal control system, which is a crucial factor control system of the group of companies is sufficient and
supporting the efficient business operations of the company appropriate, in accordance with generally accepted accounting

group. A sufficient and effective internal control system has standards, the Office of the Securities and Exchange Commission
been implemented, covering all areas of the group's operations, and the Stock Exchange of Thailand regulations and

and complying with relevant laws, rules, and regulations. The announcements, and effectively implemented in reporting
group has implemented a check and balance mechanism financial statements. The Company provides timely and
that is adequate in safeguarding the group's assets, preventing accurate financial information, has a suitable and effective

their misuse, and mitigating potential fraudulent activities. internal control system, and can adjust to changing situations
Approval authority and procedures have been clearly effectively. The internal control system is compliant with

documented. Duties and responsibilities have been defined relevant laws and regulations and has achieved its objectives.
for executives and employees of each department to promote No significant issues were identified that could negatively impact
mutual checks and balances. The group has appointed an the operations of the Group, including transactions with major

independent external agency, Dharmniti Internal Audit Company shareholders, directors, executives, or related parties.
Limited ("DIR" or "Independent Internal Auditor"), as its internal
auditor to audit departmental operations and ensure compliance 9.1.2 Internal control auditor’s report to the internal

with established policies and regulations, and report audit results control system
directly to the Audit Committee. Additionally, EY Office Company Dharmniti Internal Audit Company Limited (DIR) is the
Limited, the certified public accountant of the Company independent internal auditor appointed by the Company to

and its subsidiaries, has evaluated the internal control of assess, examine, and improve the adequacy and efficiency
the group and its subsidiaries concerning the preparation of the internal control system of the Company and its

and presentation of financial statements to ensure their subsidiaries. DIR assessed risks, prepared an annual internal
appropriateness and reliability. No significant deficiencies audit plan, conducted inspections, and reported directly to the
were identified that could affect the auditor's opinion of the Audit Committee continuously to evaluate the efficiency and

financial statements of the Company and its subsidiaries for adequacy of the existing internal control system, compliance
the year ended December 31, 2022. with relevant policies and procedures, and the suitability and

In this regard, the Company's Board of Directors held a reliability of the financial reports of the Company Group.
meeting to assess the adequacy of the Group's internal control In evaluating the internal control components according

system. The assessment was based on the SEC Office's to the COSO guidelines in all 5 areas, the work of the
assessment form, which evaluates the internal control system independent internal auditor had the scope of assessing
in 5 parts as follows: risks associated with the internal control system of the main
processes of the Company Group:

154 Annual Report 2022 (56-1 One Report)