{"id":2835,"date":"2026-06-30T14:20:56","date_gmt":"2026-06-30T07:20:56","guid":{"rendered":"https:\/\/www.vichaivej.com\/sustainability\/?post_type=governance&p=2835"},"modified":"2026-07-21T10:10:23","modified_gmt":"2026-07-21T03:10:23","slug":"audit-internal-control","status":"publish","type":"governance","link":"https:\/\/www.vichaivej.com\/sustainability\/en\/governance\/internal-control-data-security\/audit-internal-control\/","title":{"rendered":"Audit & Internal Control"},"content":{"rendered":"Robust Internal Control and Audit Systems for Transparency, Accountability, and Long-Term Confidence<\/span><\/b>\u00a0<\/span>\r\n\r\nThe Group\u00a0maintains\u00a0internal 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.<\/span>\u00a0<\/span>\r\n\r\nA Critical Governance Mechanism for Transparent and Reliable Oversight<\/span><\/b>\u00a0<\/span>\r\n\r\nVichaivej\u00a0International Hospital Group places the highest priority on transparency, information accuracy,\u00a0and sound\u00a0corporate governance. The Group has\u00a0established\u00a0internal control systems, audit mechanisms, and checks and balances aligned with international standards to strengthen confidence among shareholders, investors, regulators, and all stakeholder groups.\u00a0<\/span>\u00a0<\/span>\r\n\r\nThese systems form an important part of the Group\u2019s broader governance framework, supporting accountability, risk management, and the reliability of both financial and non-financial disclosures.<\/span>\u00a0<\/span>\r\n\r\nInternal Control Based on the COSO Framework<\/span><\/b>\u00a0<\/span>\r\n\r\nThe Board of Directors and management continuously emphasize the effectiveness of the internal control system\u00a0in order to\u00a0mitigate operational risks, safeguard the Group\u2019s assets, and enhance the reliability of financial reporting. The Group\u2019s internal control assessment is conducted\u00a0in accordance with\u00a0the internationally recognized\u00a0<\/span>COSO Framework<\/span><\/b>, which covers five key components.\u00a0<\/span>\u00a0<\/span>\r\n\r\n1) Control Environment<\/span><\/b>\u00a0<\/span>\r\n\r\nThe 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.\u00a0<\/span>\u00a0<\/span>\r\n\r\n2) Risk Assessment<\/span><\/b>\u00a0<\/span>\r\n\r\nKey risks are regularly assessed across strategic, operational, financial, legal, and emerging risk areas to enable proactive risk identification and\u00a0appropriate mitigation\u00a0planning.\u00a0<\/span>\u00a0<\/span>\r\n\r\n3) Control Activities<\/span><\/b>\u00a0<\/span>\r\n\r\nThe Group has\u00a0established\u00a0operating procedures, authority limits, and process controls designed to prevent errors, reduce operational risks, and mitigate fraud-related risks.\u00a0<\/span>\u00a0<\/span>\r\n\r\n4) Information and Communication<\/span><\/b>\u00a0<\/span>\r\n\r\nThe Group continuously enhances its information systems and\u00a0maintains\u00a0appropriate\u00a0<\/span>IT\u00a0security<\/span><\/b>\u00a0measures to ensure that information used in decision-making is complete,\u00a0accurate,\u00a0timely, and secure.\u00a0<\/span>\u00a0<\/span>\r\n\r\n5) Monitoring Activities<\/span><\/b>\u00a0<\/span>\r\n\r\nThe effectiveness of the internal control system is continuously\u00a0monitored\u00a0and evaluated, including reviews by independent functions, to ensure that the\u00a0control\u00a0environment remains\u00a0appropriate\u00a0and effective.\u00a0<\/span>\u00a0<\/span>\r\n\r\nBoard Opinion on the Adequacy of Internal Control<\/span><\/b>\u00a0<\/span>\r\n\r\nAt the Board of Directors\u2019 Meeting No.\u00a0<\/span>1\/2026<\/span><\/b>, held on\u00a0<\/span>16 January 2026<\/span><\/b>, the Board concluded that the Group\u2019s internal control system was\u00a0<\/span>adequate and\u00a0appropriate<\/span><\/b>, and that\u00a0<\/span>no material weaknesses<\/span><\/b>\u00a0affecting the reliability of the financial statements were\u00a0identified.\u00a0<\/span>\u00a0<\/span>\r\n\r\nThis conclusion reflects formal Board-level oversight and a clear commitment to responsible governance.<\/span>\u00a0<\/span>\r\n\r\nIndependent Audit Structure and Clear Checks and Balances<\/span><\/b>\u00a0<\/span>\r\n\r\nThe Group has\u00a0established\u00a0a clear audit structure to reinforce independence, transparency, and effective checks and balances across the organization.\u00a0<\/span>\u00a0<\/span>\r\n
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  • Audit\u00a0Committee :<\/span><\/b>\u00a0<\/span><\/b>The Audit Committee consists of\u00a0<\/span>three independent directors<\/span><\/b>\u00a0with\u00a0expertise\u00a0in accounting, finance, and corporate governance. The Committee\u00a0is responsible for\u00a0reviewing the financial statements and overseeing the effectiveness of the Group\u2019s internal control system.\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\n
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    • Internal Audit\u00a0Department :<\/span><\/b>\u00a0<\/span><\/b>The Internal Audit Department\u00a0operates\u00a0as an independent function and reports directly to the Audit Committee. Its responsibilities include assessing the effectiveness of internal controls,\u00a0monitoring\u00a0compliance with applicable rules and regulations, and recommending improvements on an ongoing basis.\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\n
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      • Clear Reporting\u00a0Line :<\/span><\/b>\u00a0<\/span><\/b>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.\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\nAssurance from Internal and External Auditors<\/span><\/b>\u00a0<\/span>\r\n\r\nTo strengthen confidence in its control and audit environment, the Group appoints both internal and external auditors who are independent and professionally qualified.\u00a0<\/span>\u00a0<\/span>\r\n\r\n\u00a0Internal Auditor<\/span><\/b>\u00a0<\/span>\r\n\r\nThe Group appointed\u00a0<\/span>Ms.\u00a0Naree<\/span><\/b>\u00a0<\/span><\/b>Petchdam<\/span><\/b>\u00a0as 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.\u00a0<\/span>\u00a0<\/span>\r\n\r\n\u00a0External Auditor<\/span><\/b>\u00a0<\/span>\r\n\r\nThe Group appointed\u00a0<\/span>EY Office Limited<\/span><\/b>\u00a0as its external auditor, as approved by the Office of the Securities and Exchange Commission (SEC).\u00a0<\/span>\u00a0<\/span>\r\n\r\n\u00a0Audit Fees for 2025<\/span><\/b>\u00a0<\/span>\r\n
          \r\n \t
        • Audit Fee:<\/span><\/b>\u00a0THB 3,550,000\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\n
            \r\n \t
          • Non-Audit Fee:<\/span><\/b>\u00a0THB 60,000<\/span>\r\n(fees for agreed-upon procedures)\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\n\u00a0Auditor\u2019s Opinion<\/span><\/b>\u00a0<\/span>\r\n\r\nThe external auditor expressed the opinion that the Group\u2019s financial statements\u00a0fairly 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.\u00a0<\/span>\u00a0<\/span>\r\n\r\nAudit Committee Performance in 2025<\/span><\/b>\u00a0<\/span>\r\n\r\nThroughout 2025, the Audit Committee fully performed its duties in accordance with its charter and held a total of\u00a0<\/span>12 meetings<\/span><\/b>. Key activities included the following:\u00a0<\/span>\u00a0<\/span>\r\n\r\n\u00a0Key Areas of Oversight<\/span><\/b>\u00a0<\/span>\r\n
              \r\n \t
            • Review of quarterly and annual financial statements<\/span><\/b>\r\nto ensure accuracy, completeness, and appropriate disclosure\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\n
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              • Oversight of anti-corruption and whistleblowing mechanisms<\/span><\/b>\r\nwith\u00a0<\/span>no material fraud-related complaints identified<\/span><\/b>\u00a0during the year\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\n
                  \r\n \t
                • Review of related party transactions<\/span><\/b>\r\nto ensure transactions were conducted on a\u00a0<\/span>fair and arm\u2019s length basis<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\n
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                  • Monitoring compliance with laws and regulations<\/span><\/b>\r\nincluding securities and exchange laws and the Personal Data Protection Act (PDPA)\u00a0<\/span>\u00a0<\/span><\/li>\r\n<\/ul>\r\nTransparency as a Foundation for Sustainable Growth<\/span><\/b>\u00a0<\/span>\r\n\r\nThe 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.<\/span>","protected":false},"parent":2830,"menu_order":1,"template":"","_links":{"self":[{"href":"https:\/\/www.vichaivej.com\/sustainability\/wp-json\/wp\/v2\/governance\/2835"}],"collection":[{"href":"https:\/\/www.vichaivej.com\/sustainability\/wp-json\/wp\/v2\/governance"}],"about":[{"href":"https:\/\/www.vichaivej.com\/sustainability\/wp-json\/wp\/v2\/types\/governance"}],"version-history":[{"count":2,"href":"https:\/\/www.vichaivej.com\/sustainability\/wp-json\/wp\/v2\/governance\/2835\/revisions"}],"predecessor-version":[{"id":3212,"href":"https:\/\/www.vichaivej.com\/sustainability\/wp-json\/wp\/v2\/governance\/2835\/revisions\/3212"}],"up":[{"embeddable":true,"href":"https:\/\/www.vichaivej.com\/sustainability\/wp-json\/wp\/v2\/governance\/2830"}],"wp:attachment":[{"href":"https:\/\/www.vichaivej.com\/sustainability\/wp-json\/wp\/v2\/media?parent=2835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}