Page 150 - 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
Internal Control
Internal Control
THP recognizes the importance and benefits of having an effective internal control system. Therefore, THP has established a structured framework and defined the roles and responsibilities for implementing internal control operations. THP Board of Directors sets the internal control policies, and Corporate Governance, Risk Management, and Sustainability Development Subcommittee oversees the execution of these policies. The subcommittee approves the internal control action plans, which are thoroughly examined by Risk Management and Internal Control Working Group. The progress of these plans is monitored quarterly. The Internal Audit Office is responsible for reviewing the adequacy and effectiveness of the internal control processes according to the Three Lines of Defense model.
THP has implemented internal control, by establishing an internal control system and evaluating the results of internal control across all activities and services to ensure the adequacy and suitability with business operations. This system is in compliance with the Ministry of Finance’s Guidelines on Internal Control Standards for Government Agencies B.E. 2561 (2018). The system supports the organization’s objectives by ensuring that operations are managed efficiently and effectively, safeguarding assets, preventing or reducing errors, damages, leakages, waste, and fraud. The internal control system also ensures that financial and non-financial reporting is accurate, transparent, reliable, and timely, and that all actions comply with relevant laws, regulations, and procedures. It helps mitigate risks arising from errors, damages, waste, mismanagement of assets, and fraudulent activities.
In 2024, THP’s units consisted of departments/ bureaus and operating offices, including mail centers, bulk posting centers, and post offices, totaling 1,286 establishments. THP conducted an internal control assessment based on the components of internal control and its main/ supportive activities using the Control Self-Assessment (CSA) method. The results were reviewed by management and the Internal Audit Office. Additionally, THP also carried out separate evaluations conducted by individuals with no direct involvement in key processes, especially those with significant potential for fraud.
From the internal control performance results for 2024, it can be concluded that THP has established an internal control system that meets the required components and objectives. This ensures reasonable assurance that the internal control system in place is sufficient and appropriate.
Internal Audit
Internal audit is an important tool of the management for providing assurance and consulting services by assessing the efficiency and effectiveness of the internal control system, risk management, corporate governance, and operations in various aspects to add value and enhance the operational processes of THP to achieve objectives. THP Audit Committee governs the operations of Internal Audit Office to comply with the international standard practices of internal audit professions, and related rules, regulations and principles. The chain of command structure is independent and reports directly to Chief Executive Officer and THP Audit Committee. There is fairness in performing work and reporting audit results, with roles, authotities, duties and responsibilities specified in the Charter which was approved by the THP Audit Committee and has been disseminated to all executives and employees of THP for acknowledgement.
Operation of Audits and Reports
• Assurance service : A five-year strategic audit plan (2024 – 2028) and an internal audit plan for 2024 have been set, in line with the corporate plan and organizational risk, taking account of the expectations of important stakeholders, in order to develop an audit plan that covers all aspects of THP’s operations and implementation of the seven core business enablers, to ensure that risk management, internal control, corporate governance and compliance with relevant rules, regulations and requirements are properly and efficiently performed. The internal audit plan has been approved by THP Audit Committee. In carrying out audit work in 2024, a total of 45 plans achieved the objectives. The Internal Audit Office has reported significant audit results and provided recommendations to the management to improve the value addition processes and enhance THP’s operational processes on a total of 13 matters. Follow-up activities have been carried out to prevent recurrence of mistakes. Reports are submitted to top executives and THP Audit Committee on a monthly basis
148 Thailand Post Company Limited