Page 146 - Thailand Post Annual Report 2024

Part 1
Overview of the Organization
Part 2
Business Trends
Part 3
Business Model
Part 4
Strategies and Resource Allocation
Part 5
Risk
Part 6
Corporate Governance
Part 7
Operating Results
Part 8
Other Information
With regard to fraud risk management, THP has arranged multiple channels to facilitate people who wish to report any clues of corruption, including : letter, telephone, contact in person, fax and electronic media. In case that THP’s officers are not treated fairly in their work, or find corruption or misconduct, non-transparent operations and non-compliance with laws, rules and regulations of the organization, they can report clues directly with THP Audit Committee through THP internal data management system. In addition, THP has an anti-corruption audit plan in place, along with reviewing the reports of the Internal Audit Office, which investigates instances of suspected corruption or misconduct, and also the reports related to complaints and disciplinary actions of employees and workers that are managed by the administration.
2. Internal Audit : The Audit Committee approved the 5-year strategic operations and audit plan (2025 - 2029), the annual internal audit plan for 2025, and the individual personnel development plan for 2025 of the Internal Audit Office. This includes plans revised during 2024. The Audit Committee monitored the progress of the plans to review the evaluation of operational processes and management of the seven enablers, and the reports of audit and progress of corrective actions based on internal audit recommendations. These efforts are intended to create added value for THP. The Audit Committee followed up the implementation of the observations and recommendations made by supervisory agencies, approved the proposed budget for 2025 for the Internal Audit Office, evaluated the performance of the Senior Executive Vice President (Internal Audit Office) and personnel in the office for 2024, along with approving the criteria for personnel appointments, promotions, transfer, and staff changes within the Internal Audit Office. The consulting reports and the results of the internal audit quality evaluation were also reviewed. In addition, the Audit Committee encouraged the Internal Audit Office to introduce information technology systems into their audit work, approved the success indicators for 2024, promoted and supported internal auditors to continuously develop themselves by taking exams to obtain professional certifications in internal auditing or related fields
3. Financial Reports : The Audit Committee, together with Senior Executive Vice President (Finance and Accounting) and the auditor, reviewed the quarterly and annual financial reports of THP and its affiliates, and discussed observations from the review and audit of the
financial statements by the auditor, accounting policy, significant accounting adjustments, financial internal control and various factors to ensure that THP’s financial report was prepared accurately in terms of the material content in accordance with financial reporting standards, and that it was credible and in compliance with the legal requirements, in addition to having accurate, adequate and useful disclosure of key information for report users.
4. Compliance with Laws, Rules and Regulations : The Audit Committee reviewed the annual report on compliance with laws and regulations relevant to THP in 2024, tracking ongoing operations and the use of information technology in business practices under information technology laws affecting to THP’ system or operation, to ensure compliance with applicable laws, regulations, cabinet resolutions, and other relevant orders. Additionally, a meeting was held with the person responsible for compliance (Compliance Officer) to discuss legal and regulatory matters concerning THP. An off-site inspection audit was also conducted in collaboration with THP Law Subcommittee.
5. Compliance with the Business Code of Conduct and Code of Ethics for Executives and Employees : Review of suitability and adequacy of inter-company transactions as well as related party transactions that may result in conflict of interest to ensure compliance with Regulations of THP Board of Directors No. 7; Re : Conflicts between Personal Interest and THP Interest, B.E. 2548 (2005), and Notification of THP Board of Directors Re : Conflict of Interest Prevention Policies and Guidelines, dated 15 January 2024.
6. Relationship with the Auditor : THP Audit Committee approved the appointment of Deloitte Touche Tohmatsu Jaiyos Co., Ltd. as the THP auditor for 2024 with an audit fee of 4,410,000 baht and considered the performance of auditors in 2024 to appoint as the auditor for 2025. Besides, a meeting with THP’s auditors was held to discuss the results of the interim financial statement review and the results of the financial statement audit for the years 2023 and 2024. There was also one specific meeting with the 2024 auditors without management attending to discuss the scope, guidelines and findings from the performance of auditing in 2024, including the weaknesses in the internal control systems and significant risks faced by THP, along with issues or limitations encountered in the auditing process.
144 Thailand Post Company Limited