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The Audit Committee
was appointed by the Board of Director, comprising
of three independent and non-executive directors,
namely Mr. Arun Ngamdee as Chairman, Mr. Prathan Rangsimaporn
and Mr. Manit Boonprakob as members of the Committee.
Our main duties and responsibilities are to review
accuracy and sufficiency of financial reports of the
Company, to provide adequate and effective internal
audit and internal control system of the Company,
to control the Company to comply with all related
laws and regulations, to ensure sufficiency of disclosure
of information by the Company, and to consider and
propose the appointment of the Company auditors and
their remuneration.
During the year
2007, the Audit Committee held six meetings having
the followings significant matters :
1. Reviewing
quarterly, annual and consolidated financial statements
of the Company and its subsidiaries, prior to submission
to the Board of Director, the Securities Exchange
Commission and the Stock Exchange of Thailand. After
due consideration of the said financial statements
and discussions with external auditors and management
division, we are of the opinion that the above-mentioned
financial statements are recorded in accordance with
generally accepted accounting principles with accuracy,
completeness and sufficient disclosure of information.
2. Evaluating sufficiency and appropriateness of the
Company's internal control system, through the supervision
and review of the Internal Audit Office and external
auditors; supporting and encouraging their independent
operation; applying risk assessment as guideline for
examining in order to mitigate from potential risk
causing damage to business operation of the Company;
discussing with internal audit officer and external
auditor to consider material suggestions for enhancing
efficiency of their operation and control in order
to make confidence of management division, Board of
Director and Audit Committee on sufficiency and appropriateness
of internal control system and risk management.
3. Reviewing
compliance of relevant rules, regulations and laws;
following up compliance of operation systems which
have already been improved and developed.
4. Reviewing Company disclosure of connected transactions
or other transactions which may cause conflict of
interest.
5. Reviewing organization structure, scope and responsibilities
as well as charter of Internal Audit Office and annual
audit plan.
6. Reviewing and discussing with management representative
to acknowledge any issue(s) which might cause administrative
difficulties or might have influence on the business
operation of the Company; providing advice to management
division as deemed appropriate.
7. Presenting Audit Committee report and advice to
the Board of Director for their acknowledgement regularly
in every Board of Director meeting.
For the year
2008, the Audit Committee has proposed the Board of
Director to further propose to Annual General Shareholder
Meeting to appoint Dr. Virach Aphimeteetamrong, Mr.
Chaiyakorn Aunpitipongsa and/or Mr. Apiruk Ati-anuwat,
certified auditor of Dr. Virach & Associates as
the Company's auditor for the accounting period for
year 2008.
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