Page 72 - ACC One Report 2567-En

Internal control and risk management
Internal control
The company has been developing its internal control system for many years, with the objective to improve efficiency in its performance together with its prevention as well as finding faults and errors that occur. Despite the fact that its internal control system is satisfactory at certain level, the Internal Control Committee, the Board of Directors, and the management remain committed to improving the system to the next level. The structure of the company’s internal control can be divided into 3 levels as follows:
1) The Audit Committee consists of 3 Directors: Mr. Weerachai Amornrat-tana, General Somchai Youngpituck and Mr. Akawat Methacharatsinthavee. They are all independent committees from external entity and represent the public. They are tasked with verifying the company and subsidiaries’ performance through the company’s internal audit department, especially on related party transaction between the company and other related companies.
2) Internalcontroldepartment,whichthecompanyhiresSakCessConsultingCompanyLimitedbyMr.Thanut Warasestasak as the company in charge of the internal control system to work with the Audit Committee. Together they implement the audit system and report for good control which consists of risk assessment from internal and external factors that could affect the company in terms of growth, profitability, and current and future financial status. It includes risk assessment based on the environment from the company’s internal audit as well as other systems within the company in production and management. The management’s control point includes account receivables, account payable, product stock, material purchase, import and export, debiting, asset listing, cost analysis, production, and employees. Currently, the company hires internal auditors from outside source as it wants a truly independent entity to conduct internal audit.
3) Thecompany’sexecutivesimplementthepolicytaskingtheinternalauditwithverifyingtheinternalcontrol system of all units in the company to consider the aspects that need to be improved for efficiency and for compliance with current work process. The report on the internal audit as well as recommendation is given to high-level executives and related units for resolution and improvement. In 2024, the Audit Committee organized meetings to consider matters and presented the following topics to the company’s Board of Directors.
• Review of financial statement through reviews of quarterly and annual financial statements under the separate financial statement and the company’s consolidate financial statements.
• Supervision and development of internal control system through audit planning with appropriate review together with internal audit department and related management to ensure a more efficient internal control system.
• Review of risk management system and other factors that could significantly impact the company’s business performance such as legal compliance related to the conduct of good corporate governance, to discuss and exchange views towards the outcome of quality assessment in various aspects, and the adequacy of internal control system.
• Consideration on appointment annual auditor by providing recommendation, names of auditor, as well as verifying the auditors’ requirements to fit with the Announcement of the Office of the Securities and Exchange Commission and the Stock Exchange of Thailand before presenting to the Board of Directors, which will later propose to the company’s Meeting of Shareholders for further consideration on the appointment.
Annual Report 2024 (Form 56-1 One Report)
Advanced Connection Corporation Public Company Limited
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