The Audit Committee of Thitikorn Public Company Limited (“TK”) comprised of three experienced Independent directors with expertise in finance, tax and management with Prof. Phisanu Chongstitvathana as Chairman of the Audit Committee, Mr. Pairintr Wongwantanee and Mr. Taveeb Chardtumrong as members of the Audit Committee. All three Independent directors do not have any management role nor employed by TK. Mrs. Tatsanee Tobngam acts as Secretary of the Audit Committee.
The Audit Committee has performed its duties and responsibilities assigned by the Board of Directors in accordance with rules and regulations of the Stock Exchange of Thailand such as reviewing financial statements, internal control system and connected transactions. In 2011, four meetings were held and all three directors attended every meeting together with TK Accounting Department, Auditor and Internal Audit Department to discuss and exchange opinion on all relevant issues to ensure financial accuracy and adequate information disclosure. The Audit Committee has reported its findings to the Board of Directors for approval.
The Audit Committee has reviewed quarterly financial reports. and the annual financial statement of TK and its subsidiaries as of December 31, 2011. Every meeting was held with Auditor to review the accuracy and adequacy of financial statements and its disclosure as well as the adoption of new accounting standard to ensure that TK financial statements were prepared in accordance with the generally accepted accounting principles. The Auditor has expressed in its report that., adequate information disclosure was provided in a timely manner in accordance with related rules and regulations of the Stock Exchange of Thailand.
With respect to internal control system, the Audit Committee has reviewed the internal control system of The Internal Audit deparment both quarterly and annually and has given advices and follow up on the improvement on the important issues to strengthen operation of the internal audit practices. The Committee reviewed and approved the annual audit plan for 2012. The Audit Committee has reviewed TK connected transactions that may have conflict of interest and disclosed them in the financial statements and its notes.
For 2012, the Audit Committee proposes for the approval of the Board of Directors and the Annual General Shareholders’ Meeting 2012 the appointment of Mr. Methee Ratanasrimetha, Certified Public Accountant registration No. 3425 or Mr. Pisit Chiwaruangroch Certified Public Accountant registration No. 2803 from M.R. & Associates Co., Ltd. to serve as the independent auditor for one more year with an auditor fee of 1,950,000 Baht.
In summary, the Audit Committee has performed the duties assigned by the Board of Directors. The Committee independently performed audit function by reviewing financial statements, to ensure adequate internal control system and adequate disclosure of connected transactions in accordance with relevant rules and regulations.
Prof. Phisanu Chongstitvathana
President of the Audit Committee
February 22, 2012
