Internal Control System

  • Internal control is a process designed and operated by the Board of Commissioners, Board of Directors, other members of management, and all Company’s personnel, to provide reasonable assurance on the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

    The Company develops an internal control system, a process designed by the Board of Directors to assure the achievement of the Company’s objectives by taking into account the principles of effectiveness and efficiency of operations, reliability of the Financial Statements, and compliance with applicable laws and

    regulations. Definition from COSO (Committee of Sponsoring Organizations of the Treadway Commission); The Company establishes an effective internal control system to safeguard the Company’s investment and assets. Internal Control System covers:

    • Disciplined and structured internal control environment in the Company;
    • Review on risk management (risk assessment)
    • Control activities are actions taken in the process of control over the Company’s activities at each level and unit within the Company’s organizational structure.
    • The process of reporting on operational and financial activities and compliance with the provisions and legislation
    • Assessment process of internal control system quality, including internal audit function at each level and unit in the organizational structure.