77 / 122
77
Financial risk
Strategic risk
Operational risk
49%
17%
17%
17%
The president
Internal Audit
Department
Audit
Committee
General
Audit Unit
IT Audit
Unit
Capital Market
Development
Function
Exchange
Function
6
Internal control system
The SET board of governors has set up the Audit Committee to support the corporate governance system.
The committee performs its duty as stated in the Charter of the Audit Committee by supporting the Internal
Audit department assigned as an independent agency reporting directly to the Audit Committee. The department
is assigned to monitor and evaluate the adequacy and appropriateness of internal control and risk management
system of the exchange.
The operation of the Internal Audit Department
• Plan a risk-based audit
• Carry out audit work in accordance with International Standards for the Professional Practice of Internal
Auditing (IIA Standards)
• Assess the quality of internal audit work via peer review annually and via external assessor once every
five years (last time in 2011) to ensure the audit quality according to IIA Standards
• Evaluate the internal control and risk management of the business units according to COSO standards.
In 2014, SET assessed newly-introduced strategic IT systems (pre-implementation review), including
sustainability-related projects to ascertain that their actions were appropriate as reported and consistent
with the international standards.
Compliance risk
Internal Audit Plan 2014