Page 127 - Annual Report 2015 - Mono Technology Public Company Limited

3. To review the internal control, internal audit system, risk management as well as corruption risk prevention. The Audit Committee has worked in collaboration with auditors and the Head of Internal Audit Unit to quarterly review and revise the internal control and audit system to ensure that the adequacy, efficiency and effectiveness of the internal control that meet the established objectives by consideration of enterprise risk management to ensure to have resource efficiency, appropriate asset maintenance, reliable financial reporting and compliance with relevant laws, regulations, requirements as well as having measurements for preventing corruption. The assessment of internal control was conducted according to guidelines of SEC. The Audit Committee has an opinion agreeable with the external and the internal auditors that the internal control and risk management of the Company were adequate and appropriate, without significant problems and weak points seen.
4. To review the compliance with laws governing securities and exchange, business of the Company and subsidiaries as well as the Company’s regulations. Based on the report of the internal auditor, executives and external auditor, the Audit Committee viewed that there was no significant issues of the non-compliance with relevant laws or requirements.
5. To review the practice of good corporate governance. The Audit Committee reviewed the corporate governance policy that the Company arranged in line with the SET’s corporate governance guidelines. The Company arranged the Statements of Business Conducts, Code of Conduct for directors and employees with fair treatment of all customers, trade partners and stakeholders. Also, the Audit Committee has conducted evaluations on the compliance of their performance to the policy annually.
6. To review the internal audit function. The Audit Committee quarterly reviewed the audit results, gave suggestions and monitored operation and correction as per significant results in the audit report in order to promote good corporate governance, fraud protection policy, anti-corruption practice and sufficient and appropriate internal control. The Audit Committee also reviewed and considered approving the revision of internal audit charter to meet the international standard and fit with the organization. In addition, the annual budget for employment of the Internal Audit Unit, assessment of independency of the internal auditor’s performance, as well as adequacy and appropriateness of internal auditor staff were also considered. After consideration on those matters, the Audit Committee viewed such issues were appropriate, without significant weak points.
7. Toconsiderthenominationandappointmentoftheindependentauditorsandfixtheirremunerationinorderto propose the Board of Directors and the 2016 Annual General Meeting of Shareholders to consider approving. After considering performance, independency and remuneration level, the Audit Committee agreed to appoint Mr. Supachai Phanyawattano (Certified Public Accountant No. 3930) or Miss Siraporn Ouaanunkun (Certified Public Accountant No. 3844) or Miss Krongkaew Limkittikul (Certified Public Accountant No. 5874) of EY Office Limited, to serve as the Company and subsidiaries’ external auditor again for 2016. The Company will incur audit fees amounting to not exceeding 1,200,000 Baht and the Audit Committee shall acknowledge the audit fee for the Company and subsidiaries’ consolidated financial statements for 2016 of not exceeding 5,694,000 Baht.
Within the scope of their duties and responsibilities stipulated by the Board of Directors, the Audit Committee gives significance to corporate governance, adequate internal control that suit the Company’s business operation by taking into account the acceptable operational risk appetite, accurate and reliable financial reporting as well as the compliance with laws and regulations related to the Company’s business operation on continuing basis.
On Behalf of Audit Committee
(Mrs. Punnee Worawuthichongsathit) Chairperson of Audit Committee
Annual Report 2015
127