The Company has established the Internal Audit Department to perform its function on internal auditing in accordance with the scope laid down by the Board of Directors and reviewed from time to time. Internal auditing is an independent appraisal function established within the Company to examine and evaluate its activities and to assist the Directors and the Management of the Company in providing them with information depending upon their requirements and requests about the adequacy and effectiveness of the Company’s system of internal control, the risk management systems and also to assist the Internal Audit Committee in discharging it’s duties and responsibilities.  In accordance with International Auditing Standards, the Internal Audit functions and responsibilities have been prescribed herewith.

  • Internal Audit function is assigned as a separate division within the Company. For operational and independence purpose, the Internal Auditors shall functionally and directly report to the Audit Committee.
  • Duties and direction of Internal Audit shall be assigned by the Audit Committee in consultation with Management and under the directions of the Board of Directors of the Company.
  • Moreover, internal audit is used as a tool for the Board to ensure compliance by the Company and Management with all the principles of Good Corporate Governance.
  • Prime responsibility of Internal Audit is the assurance of the effectiveness of internal control, safeguarding of assets, compliance with relevant regulations, the maintenance of proper accounting records and the reliability of financial information. To fulfill these objectives, the Auditors’ responsibilities involve activities such as examining records, reviewing adequacy of internal controls, reviewing compliance with the Company’s and Management policies and procedures, reviewing system and procedures to ensure control effectiveness and also compliance with regulations, investigating discrepancies noted in report of external auditors and providing recommendations for improvements where applicable, examining and reporting on conflict of interest transactions if any, examining and reporting on connected party transactions and reviewing the disclosures with a view to ensuring full transparency in the functioning of the Company.  Internal Audit’s another key activity is to focus on operations and carry out periodic operational audits.
  • The authority granted to Internal Audit directly by the Board of Directors allows auditors to obtain full access to manual and computerized records, property, files, reports and personnel necessary for the conduct of the audit and examinations and review. However, all audit activities are fully supported by the Company and Management and there is good coordination between internal auditors, officers and senior management of the Company with a view to a complete accomplishment of audit objectives.
This is us

Precious Shipping Public Company Limited is a ship-owner providing global dry-bulk transportation services. The Company operates predominantly in the tramp freight market where its vessels are employed on a time charter as well as on a voyage charter basis.

Find Us at

Precious Shipping PCL
No. 8, North Sathorn Road,
G, 7th, 8th, and 9th floors,
Silom, Bangrak,
Bangkok 10500 Thailand


Tel: +66-2-6968800




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