Audit Committee Report
The Audit Committee of Major Cineplex Group Public Company Limited is comprised of three independent directors. The Audit Committee is empowered by the Board of Directors to review plan, information relevant to financial report and also related transactions which may have the company’s conflict of interest. The Committee pursues and promotes good corporate governance by actively creating awareness and providing advice to management on sound risk management and internal control practices.
For the fiscal year 2017, the Audit Committee held eight meetings. In such meetings, the Committee met the management, Head of internal audit and external auditor, in which one meeting was held independently with the external auditor without the presence of executive management.
Each meetings, the Audit Committee conducted reviews and evaluations of accounting policies, the procedures relative to the accounting policies, the internal control assessment and the audit plan. The Audit Committee also reviewed and approved financial statements, and provided recommendations to the Board of Directors in which weaknesses were identified in internal controls, corrective action plans were established to eliminate or reduce the associated risks. From such performance, the Audit Committee provided the following opinions:
- The Company’s 2017 financial reports are accurate, complete and reliable.
- The Company’s assets are safeguarded, proper accounting records are maintained, and resources are utilized effectively and efficiently.
- The related transactions arising in 2017 were rational and made for the optimal benefits of the Company.
- The company complied with the good corporate governance policy, the code of business conduct, the securities laws, the Exchange’s regulations, and other laws relating to the Company’s business.
- The company has an adequate and appropriate internal control system for operating the business in which the Internal Auditor serves to identify and verify business risks and control weaknesses within the Company by carrying out audit activities systematically. The reports on compliance with good internal control practices and procedures with recommendations were discussed with the relevant management team to incorporate their agreed action plans and submitted to the Audit Committee. Furthermore, the Internal Auditor has held regular meetings with the Audit Committee to give updates on audit results. The Audit Committee is fully committed to ensuring that both corrective and preventive actions are taken in an effective and timely manner.
- The Company has its standard and procedure to consistently prevent corruptions, frauds and misbehaviors according to the Whistle Blower procedure under the Corporate Governance Policy of the Company.
Chairman of Audit Committee
19 February 2018