Page 157 - Anual report STi 2022_eng

(1) The general accounting system encompasses 9.2 Related Party Transactions

internal control procedures for management, personnel, fixed Related Party Transactions with Persons Who May
assets, disbursements, daily financial reporting, accounts Have Conflicts of Interest
receivable, collections, advances, and petty cash. The Company acknowledges the significance of

(2) The income control system encompasses conducting business with transparency and considering all
revenues derived from construction supervision service fees, stakeholders. It follows related party transaction guidelines to
structural engineering design service fees, and architectural ensure transparency, avoid conflicts of interest, and secure

design service fees. approval from the management Board of Directors or
(3) The cost control system comprises the costs shareholders' meeting. The Company discloses all related
related to construction supervision services, structural party transactions accurately and completely, in the best

engineering design services, and architectural design interest of the Company and its shareholders.
services.
The previous related party transactions between the
Following the assessment and audit of the Company Company and related parties were regular business dealings,
Group's internal control system, the independent internal conducted in compliance with established guidelines to

auditor provided recommendations for improvements, which guarantee that the conditions of the related party transactions
were subsequently implemented and presented during the were consistent with typical trading conditions and market

Audit Committee meeting. The auditor found that all identified rates (arm's length basis). The Company implemented the
issues were resolved within the specified timeframe, and no same protocols as those with third parties with similar or
high-risk observations or suggestions were made in 2022. identical nature.

9.1.3 Head of Internal Audit for the Company Group Related Party Transaction Information in the Fiscal

In 2022, the Audit Committee appointed Dharmniti Year of 2022 From January 1, 2022 - December 31, 2022,
Internal Audit Company Limited (DIR) to perform internal With Details as Follows:

audit duties for the Company Group. Ms. Anussaya Raksasorn,
head of the internal audit department, was designated by

DIR as the main person responsible for the performance of
internal auditors for the Company Group. The Audit Committee
assessed their qualifications, finding them to be adequate for

the duties and possessing independence, experience, and
relevant training. However, the appointment and removal of

internal auditors for the Company Group must be approved
or endorsed by the Audit Committee only.

In 2022, DIR audited the internal control of the Group
and presented its findings to the Audit Committee for quarterly
acknowledgement.

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