Entity-wide business objectives and strategies including any changes are ratified by the Board of Directors and documented in the minutes. The entity communicates its objectives and strategies to all personnel. Management analyzes and documents the risks and potential benefits of significant decisions such as significant business acquisitions new product lines new locations capital investments new information systems etc. and requires key management personnel authorization before proceeding by K. Nath Vongphanich (CEO)
An annual budget process is undertaken each half year. Plans and budgets are prepared at an appropriate level of detail given the size and structure of the entity. Assumptions inherent in the plans and budgets reflect the entities historical experience and current conditions. A process for revising budgets plans and forecasts exists.
Daily financial report is reviewed by K. Benjawan O. (VP of Operation) and Monthly financial and operating results are produced for and reviewed by K. Nath V.(CEO) that include a comparison of the current periods actual results to the prior periods and budgeted results.
Management maintains and communicates to all relevant parties a plan for the preparation of the periodic financial statements and annual report.