Audit & Internal Control

Robust Internal Control and Audit Systems for Transparency, Accountability, and Long-Term Confidence 

The Group maintains internal control and audit systems in line with international standards, including the COSO Framework, an independent Audit Committee, a directly reporting Internal Audit function, and external assurance to support reliable disclosure and strong corporate governance. 

A Critical Governance Mechanism for Transparent and Reliable Oversight 

Vichaivej International Hospital Group places the highest priority on transparency, information accuracy, and sound corporate governance. The Group has established internal control systems, audit mechanisms, and checks and balances aligned with international standards to strengthen confidence among shareholders, investors, regulators, and all stakeholder groups.  

These systems form an important part of the Group’s broader governance framework, supporting accountability, risk management, and the reliability of both financial and non-financial disclosures. 

Internal Control Based on the COSO Framework 

The Board of Directors and management continuously emphasize the effectiveness of the internal control system in order to mitigate operational risks, safeguard the Group’s assets, and enhance the reliability of financial reporting. The Group’s internal control assessment is conducted in accordance with the internationally recognized COSO Framework, which covers five key components.  

1) Control Environment 

The Group promotes an organizational culture grounded in integrity and ethical conduct, supported by clear corporate governance policies and a well-defined code of business ethics.  

2) Risk Assessment 

Key risks are regularly assessed across strategic, operational, financial, legal, and emerging risk areas to enable proactive risk identification and appropriate mitigation planning.  

3) Control Activities 

The Group has established operating procedures, authority limits, and process controls designed to prevent errors, reduce operational risks, and mitigate fraud-related risks.  

4) Information and Communication 

The Group continuously enhances its information systems and maintains appropriate IT security measures to ensure that information used in decision-making is complete, accurate, timely, and secure.  

5) Monitoring Activities 

The effectiveness of the internal control system is continuously monitored and evaluated, including reviews by independent functions, to ensure that the control environment remains appropriate and effective.  

Board Opinion on the Adequacy of Internal Control 

At the Board of Directors’ Meeting No. 1/2026, held on 16 January 2026, the Board concluded that the Group’s internal control system was adequate and appropriate, and that no material weaknesses affecting the reliability of the financial statements were identified.  

This conclusion reflects formal Board-level oversight and a clear commitment to responsible governance. 

Independent Audit Structure and Clear Checks and Balances 

The Group has established a clear audit structure to reinforce independence, transparency, and effective checks and balances across the organization.  

• Audit Committee : The Audit Committee consists of three independent directors with expertise in accounting, finance, and corporate governance. The Committee is responsible for reviewing the financial statements and overseeing the effectiveness of the Group’s internal control system.  

• Internal Audit Department : The Internal Audit Department operates as an independent function and reports directly to the Audit Committee. Its responsibilities include assessing the effectiveness of internal controls, monitoring compliance with applicable rules and regulations, and recommending improvements on an ongoing basis.  

• Clear Reporting Line : This structure supports an appropriate governance reporting line, whereby the Audit Committee oversees the Internal Audit Department, which in turn reviews business units across the organization to ensure alignment with Group policies and governance principles.  

Assurance from Internal and External Auditors 

To strengthen confidence in its control and audit environment, the Group appoints both internal and external auditors who are independent and professionally qualified.  

 Internal Auditor 

The Group appointed Ms. Naree Petchdam as Manager of the Internal Audit Department, with the approval of the Audit Committee. She is independent and possesses qualifications appropriate for performing her duties in accordance with professional standards.  

 External Auditor 

The Group appointed EY Office Limited as its external auditor, as approved by the Office of the Securities and Exchange Commission (SEC).  

 Audit Fees for 2025 

• Audit Fee: THB 3,550,000  

• Non-Audit Fee: THB 60,000
  (fees for agreed-upon procedures)  

 Auditor’s Opinion 

The external auditor expressed the opinion that the Group’s financial statements fairly present, in all material respects, the financial position and operating results of the Group, and no observations were made regarding deficiencies in the internal control system.  

Audit Committee Performance in 2025 

Throughout 2025, the Audit Committee fully performed its duties in accordance with its charter and held a total of 12 meetings. Key activities included the following:  

 Key Areas of Oversight 

• Review of quarterly and annual financial statements
  to ensure accuracy, completeness, and appropriate disclosure  

• Oversight of anti-corruption and whistleblowing mechanisms
  with no material fraud-related complaints identified during the year  

• Review of related party transactions
  to ensure transactions were conducted on a fair and arm’s length basis  

• Monitoring compliance with laws and regulations
  including securities and exchange laws and the Personal Data Protection Act (PDPA)  

Transparency as a Foundation for Sustainable Growth 

The Group discloses information on internal control and audit structure to reflect its commitment to transparency, good corporate governance, and management in line with international standards. These practices strengthen organizational credibility, reduce governance risk, and reinforce a strong foundation for sustainable long-term growth.