SCI Annual Report 2015

SCI Electric Public Company Limited
Audit Committee Report 2015
SCI Electric Public Company Limited
Audit Committee of SCI Electric Public Co., Ltd. consists of 3 independent Directors as follows: Mrs. Pranee Pasiphol, Audit
Committee Chairwoman, Mrs. Chatthong Dibyakalin, Member, and Miss Chavana Wiwatpanachart, Member. All 3 Directors
are qualified in accordance with the Requirements of Office of Securities and Exchange Commission (SEC) and Stock Exchange
of Thailand (SET). The Audit Committee has performed their duties prescribed under the Audit Committee Charter which is in
compatibility with the Stock Exchange of Thailand including carrying out their missions as assigned by the Company Board of
Directors by implementing the policy that reiterates the compliance with the principle of good corporate governance.
In 2015, the Audit Committee held 5 meetings which, in each meeting, Company’s Management, Internal Auditor and
External Account Auditor participated in to express their opinions on the topics relating to each meeting agenda. In addition,
the Committee traveled to meet the Executives of various organizations and visit the subsidiaries. All 3 Audit Committee Members
as follows participated in all meetings:
- Mrs. Pranee Pasiphol, attended the meeting 5/5 times;
- Mrs. Chatthong Dibyakalin, attended the meeting 5/5 times;
- Miss Chavana Wiwatpanachart, attended the meeting 5/5 times;
including holding a joint meeting with Internal Auditor and Account Auditor of the Company without the Management
participating in, in order to discuss and exchange opinions relating to the important issues on the internal control, preparation
of financial statements, disclosure of information and cooperation from the Management. The action results can be concluded
as follows:
1. Verifying annual financial statements and quarter financial statements
Verifying financial statements of 2014, quarter financial statements and specific financial statements of 2015 of the Company,
and consolidated financial statements including the disclosure of important information of the Company by holding joint meeting
with the External Account Auditor and the Company’s Management before disclosing the information to the Stock Exchange
of Thailand and people in general in order to verify the important issue in prescribing the accounting policy as well as the
observations which the Accounting Auditor has given the compatible opinion that no problem issue nor material defect has
been found, thus, making the Company being confident that the financial statements have properly and completely been
prepared with reliability. The preparation is made in accordance with the generally accepted accounting principles and that
the important information in the Company’s financial statements is sufficiently disclosed in a timely manner.
In addition, the Audit Committee held a specific meeting with the Account Auditor in order to inquire the matter on the
independency in duty performance. The Account Auditor confirmed that there had been no problem nor hindrance in duty
performance on the aspect of the independency and that good cooperation was received from the Executives. The internal
control system is efficient and reliable:
2. Verifying the disclosure on inter-transactions of the Company and related persons/companies and compliance with the
Law on Securities and Exchange and the Law relating to Company’s businesses
Verifications on the disclosure of the inter-transactions of the Company and related persons/companies and the transactions
which may have the conflict of interest have been strictly made in order to assure that the Company has executed actions in
compliance with various Rules and Requirements of the Stock Exchange of Thailand and Laws relating to the Company’s business.
Based on the verifications on the connected transactions and the confirmation thereon of the Company’s Management, no
irregular transaction being a material substance is found. The trade-connected transactions are transactions undertaken in the
normal course of the Company’s business transactions and are reasonable.
3. Verifying Risk Management
In making verifications on business risk management, the Company’s goal, objectives, and internal control system are
taken into account and that the risk management which is performed by the Risk Management Working Group on the assessment
is acknowledged and reported to the Audit Committee every quarter
The Audit Committee gave advices to the Management on the significant risk management in carrying out the Company’s
business operations and the Company is found to carry out actions on various fields sufficiently and suitably.
172