Indorama Ventures has in place internal controls to ensure the continued reliability and accuracy of financial information and systems across all its subsidiaries and affiliates globally. The Board of Directors has assigned the Audit Committee to supervise the financial reporting process of the Company and its subsidiaries in accordance with generally accepted and consistently applied accounting standards and in line with the rules and regulations of the Thai Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) as well as relevant legislations. The Company has in-house Internal Audit Department reporting directly to the Audit Committee. The Internal Audit Department is responsible for reviewing the adequacy of internal control systems on a global basis for the Company.
The Company and its subsidiaries and affiliates prepares and maintains records accurately in accordance with Thai GAAP, IFRS and other applicable standards. The units have in place their respective delegation and financial authorities which clearly classifies the type of approvals and payments as well as the level of authorization.
The Company’s quarterly consolidated financial statements are reviewed and approved by the Audit Committee in their quarterly meeting along with the auditors. The Audit Committee also reviews the annual audited financial statements and recommends to the Board for their consideration and approval. The Internal Audit Department reviews the internal control system throughout the various business processes across subsidiaries globally in accordance with the annual Internal Audit plan approved by the Audit Committee.