Report of the Audit Committee
For the fiscal year 2019, the Audit Committee held eight meetings. In such meetings, the Committee met the Company’s Management, Head of Internal Auditor and External Auditors.
Each meeting, 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 2019 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 2019 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.
Accordingly, the Audit Committee has recommended to the Board of Directors that Mr.Kajornkiet Aroonpirodjanakul Certified Public Accountant No.3445 Miss Nuntika Limviriyalers Certified Public Accountant No.7358 and Miss Tithinun Vankeo Certified Public Accountant No. 9432 of PricewaterhouseCoopers ABAS Company Limited, be appointed as the Company’s auditor for the fiscal year ending 31 December 2020. The appointment of the auditor and acceptance of its fees will be subjected to the approval of the shareholders at the Annual General Meeting to be held on 9 April 2020.
Chairman of the Audit Committee