The Audit Committee of Muangthai Capital Public Company Limited consists of 3 qualified independent directors whose names are as follows;
- Mrs. Kongkaew Piamduaytham Chairman of the Audit Committee
- Mr. Suchart Suphayak Member of the Audit Committee
- Mrs. Nongnuch Davasuwan Member of the Audit Committee
The Audit Committee performs their duties within the scope of responsibilities specified in the Audit Committee Charter assigned by the Board of Directors. This is in line with good practice guidelines as stipulated in the announcement of the Stock Exchange of Thailand and the Office of the Audit Committee. It emphasizes the establishment of a systematic work process in the matter of good corporate governance. risk management system and adequate internal control, including a focus on efficient internal audit processes and effectiveness.
And from the COVID-19, the Audit Committee Suggest that the Internal Audit Department adjust the audit process according to the situation by applying technology as a tool. in the analysis Continuous monitoring of abnormalities to increase the efficiency of the inspection.
In 2021, the committee held 4 meetings to perform its duties within the framework stipulated in the Charter of Audit Committee. All committee’s members attended every meeting, while one of these meetings was to meet with external auditors without the presence of the Company’s management to discuss about findings during the auditing process and the issues in which the auditors considered as material. This practice is to promote the Company’s good corporate governance and to enhance the transparency of the Company’s financial statements. The minutes of meetings were prepared and reported to the Board of Directors on quarterly basis, as follows
- Review of financial reports:
The Audit Committee reviewed the quarterly financial statements. and annual financial statements and consolidated financial statements Items that may have conflicts of interest To ensure that the company's financial reports properly prepared as it should be according to financial reporting standards Preparation of the Company's financial statements are accurate and reliable There is sufficient and timely disclosure of important information to users of the financial statements. Comply with laws and announcements related to Regulations of the Stock Exchange of Thailand (SET) and the Securities and Exchange Commission (SEC)
- Review of internal control and internal audit system:
The committee approved the audit plan for the year 2021 of the Internal Audit Department and regularly monitored the operating results on quarterly basis considering the key risks. The committee provided useful recommendations and comments to ensure that the existing internal control processes could help prevent or mitigate an errors in business operations. The committee also reviewed the appropriateness and adequacy of human resources as well as the independency of internal audit team. The committee commented that the Company’s internal control and internal audit system were effective, appropriate and sufficient. The internal audit team performed their duties independently, transparently and fairly.
- Review of compliance:
The committee reviewed the Company’s business operations and viewed that company were complied with the laws relating to securities, such as the SET’s regulations and other regulations which were related to the Company’s business, including the Company’s anti-fraud policy and the regulatory changes that may impact the business operations.
- Review of connected transactions and conflict of interest:
The committee reviewed the connected transactions and conflict of interest based on a fair, reasonable and transparent basis. Also, taking the benefits of all stakeholders and the sufficiency of information disclosures into consideration as required by SET and SEC.
- Consideration of nomination and appointing of external auditor and the audit fee:
An audit was proposed by the Audit Committee annually, appoved by the Board of Directors, Recommend to the shareholders' meeting in 2021, the shareholders resolved to appoint KPMG Phoomchai Audit Co., Ltd. to be the auditor. Considering from qualifications of auditors, knowledge, abilities, experience in business audits, inspection guidelines, Auditor's independence in accordance with the Bank of Thailand's regulations Securities and Exchange Commission as well as to the appropriateness of the audit fee with the list of auditors as follows;
- Mr.Chanchai Sakulkoedsin Certified Public Accountant No 6827 and/or
- Mr.Chokechai Ngamwutikul Certified Public Accountant No 9728 and/or
- Miss Sureerat Thongarungsang Certified Public Accountant No 4409 and/or
- Miss Orawan Chunhakitpaisan Certified Public Accountant No 6105
- Consideration and review of the Charter of Audit Committee:
The Audit Committee reviews the Audit Committee Charter annually. in order to comply with internal audit standards, relevant rule and consistent with current business operations
The Audit Committee has performed duties as assigned by the Board of Directors. and in accordance with the responsibilities specified in the Audit Committee and Charter with caution, prudence, independence express an honest opinion, be transparent can be inspected in accordance with good corporate governance as well as giving opinions and suggestions honestly for the best benefit of the company and fairness to shareholders Stakeholders without limitation in obtaining information resources and cooperation from the company. Company’s financial statement and disclosure has completed, reliable, and consistent with generally accepted accounting standards. Auditors are independent and perform their duties as professional practitioners. Risk management and internal control system is effective and appropriate enough. Internal audits are independent covering high-risk operational processes.