Page 125 - annual report AUCT 2025_Eng

Business Operation and Operating Results Corporate Governance Financial Statements Attachments
9. Internal Control and Connected Transactions
Internal Control
The Company placed a continuous emphasis
on internal controls, realizing that internal controls are
an important key to enabling the Company’s business
operations to achieve its goals efficiently and
effectively. Implementing resource and property
protections, reporting financial information and
working in compliance with laws and regulations
protect and reduce the risk of any acts that bring
damage to the Company. The board of directors
defined the roles and responsibilities of committee
boards and executive management distinctly which
included supervising to make sure they operated
according to their roles and responsibilities. Corporate
structure and line authority was clearly stated in order to have balance of power and have pertinent internal
controls. The business goals and the Key Performance Indicators (KPI) were also stipulated in order to
examine the effectiveness of the operations and regularly follow-up the business’s performance compared
to the Company’s goals.
In addition, the Company has established corporate governance policies, business ethics, the code
of conduct for directors, executives and employees, anti-corruption policies, written policy of notification
of clues and complainant protection. It included consistent support of employees to work in good conscience
by providing annual employee training in order to conduct business with transparency and with fairness
to all stakeholders. It monitored a follow up process, stipulated prominent penalties, reviewed and prepared
operation manuals for each system in a written form in order to be used for operational guidelines. This
enabled the business to be agile and systematic including the appropriate internal control systems.
The Board of Directors has assigned the Audit Committee to supervise the appropriateness and
effectiveness of the internal control system and the corporate governance system as well as the Company’s
compliance with the relevant regulations and laws, prevention of conflict of interest, the connected transaction,
usage of assets including corruption and fraud prevention. The Company has established an audit and
balancing mechanism through the Internal Audit Office which is an independent unit and directly reports
to the Audit Committee, to audit and evaluate the adequacy of the internal control system, risk management
บริิษััท สหการประมููล จำำากัด (มหาชน)
Union Auction Public Company Limited
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