The internal control system is an important mechanism

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and evaluation processes. The internal control system is an important mechanism that assists management in the reduction of business risks, the efficiency of business operations through proper procurement of resources and attainment of goals, the protection of Company assets from losses and corruption, the accountability of financial reporting, the compliance of all personnel with laws and regulations and the protection of sharehold - ers’ capital, including to prevent the conflict of interest, the related transactions, the safeguard and usage of the assets of the Company in order to prevent the fraud or misconduct. Internal audit In July 2016, the Audit Committee, on behalf of the Company, has appointed Mr.Nattapol Sanmunkongkul as the Internal Auditor to perform the Internal Audit function for the Company. After the Audit Commit- tee has considered the internal auditor’s qualifica - tions, the Audit Committee give an opinion that her qualification is properly qualified for being the internal auditor for the Company. With these qualifications and capabilities, he is able to independently audit the various departments within the Company according to the internal control assessment guidelines determined by the Securities and Exchange Commission by report directly to the Audit Committee and also report to Chief Financial Officer. The duty of the Internal Audit Department who is independent in performing auditing work, evaluating performance and adequacy of the internal control system, the Risk Management system and the Cor- porate Governance system in the performances of all units in the companies and its affiliates. They adopts the framework of COSO (The Committee of Sponsoring Organizations of the Tread way Commission) and En- terprise Risk Management, and monitoring regulations in compliance with the Stock Exchange of Thailand (SET), and Thai Institute of Directors (IOD) to be used to fulfil internal control, and follows the action plan approved by the Audit Committee using a risk-based approach and includes consultation to ensure that the Company’s objectives are achieved as targeted. Internal Audit Department also regularly monitors and adjusts these implemented systems to be in line with changes in the environment and to ensure that errors can be corrected in time. In assessing the effectiveness of Risk Management, the Internal Audit Department reviews event identification and risk factors that affect the Company’s objectives and then reviews the Risk Management approach. This ensures the accuracy of 85 Food Capitals Public Company Limited ANNUAL REPORT 2016
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both event identification and risk factors and ensures that a systematic Risk Management approach exists. It also ensures that risk is managed at the appropriate level, reported in a timely manner to all relevant personnel and reviewed continuously. In assessing the effectiveness of Internal Control, the Internal Audit Department has developed a questionnaire for each process and reviews the outcome of each operation to ensure that the Company’s objectives are achieved effectively and efficiently, that rules and regulations
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