Audit Committee
The Committee reports directly to the Board of Directors and shall perform its tasks and responsibilities as assigned by the Board of Directors and in compliance with the SEC's and the SET's regulations as follows:
- To review the Company’s financial reports to ensure that they are accurate and adequate;
- To review the Company’s internal control system and internal audit system to ensure that they are suitable and efficient;
- To review the Company’s compliance with the law on securities and exchange, the Stock Exchange of Thailand’s rules and regulations, and other laws relating to the Company’s business;
- To consider, select and nominate an independent person to be the Company’s auditor, and to propose such person’s remuneration, as well as to attend a non-management meeting with an auditor at least once a year;
- To review the Connected Transactions, or the transactions that may lead to conflicts of interests, to ensure that they are in compliance with the laws and the Stock Exchange of Thailand’s regulations;
- To prepare, and to disclose in the Company’s annual report, an Audit Committee’s report, which must be signed by the Audit Committee’s Chairman and consist of at least the following information:
- an opinion on the accuracy, completeness and creditability of the Company’s financial reports;
- an opinion on the adequacy of the Company’s internal control system;
- an opinion on the compliance with the law on securities and exchange, the Stock Exchange of Thailand’s regulations, or the laws relating to the Company’s business;
- an opinion on the suitability of an auditor;
- an opinion on the transactions that may lead to conflicts of interests
- To review the Internal’s Audit Division’s works in the following areas:
- approve the scope of work, annual audit plan, budget and personnel recruitment to ensure it is sufficient to support the Committees’ duties and responsibilities;
- review the appointment, reshuffle or termination of the Internal Audit Division Director;
- review the internal audit reports;
- scrutinize the status of independence of the Internal Audit Division
- Consider and review audit criteria and process to ensure that they regularly comply with current business environment
- Summarize and report the Audit’s Committee’s tasks and movement to the Board of Directors
- Reporting the findings or suspicious transactions or any of the following acts which may materially affect the Company’s financial condition and operating results, to the Board of Directors for rectification within the period of time that the Audit Committee thinks fit:
- a transaction which causes a conflict of interest;
- any fraud, irregularity, or material defect in an internal control system; or
- an infringement of the law on securities and exchange, the Stock Exchange of Thailand’s regulations, or any law relating to the Company’s business.
If the Company’s Board of Directors or Management fails to make a rectification within the period of time under the first paragraph, any Audit Committee member may report on the transaction or act under the first paragraph to the Office of the Securities and Exchange Commission or the Stock Exchange of Thailand.
- Implement the tasks stated above for subsidiaries as assigned or requested by subsidiaries within the Audit Committee’s scope of work
- Other tasks actions assigned by the Board of Directors which is approved by the Audit Committee
The Audit Committee has authority to take following actions: inviting directors, employees, staff to attend the meeting to clarify and answer any question relating to the Committee’s duties and responsibilities; discussing with the Company’s expert or consultant (if any) or hiring a third-party consultant or specialist if necessary at the Company’s expenses; requesting the Company’s employees to submit necessary documents about the Company’s operations for auditing or investigation for work accomplishment; assigning any employee or staff to take particular action to support auditing activities; and taking action specified above in relations to subsidiaries as assigned or requested by subsidiaries and within scope of their authority and duties.
Role and Responsibilities of the Audit Committee
The Audit Committee of the Company consists of Independent Directors appointed by the Board of Directors based on their expertise, experiences and qualifications, as defined by the regulation of the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET). The Committee members stay in office for three years. Ms. Kamolkarn Hinviman, Vice President – Head of Internal Audit Division, acts as the Committee’s secretary.