Page 93

EN_Tipco_Annual Report 2014

REPORT OF THE AUDIT COMMITTEE ANNUAL REPORT 2014 The Audit Committee of Tipco Foods Public Company Limited comprises 3 Independent Directors. Mr. Virat Phairatphiboon serves as Chairman of the Audit Committee, while Mr. Paisal Pongprayoon and Mrs. La-or Chaowanamayta serve as Members of the Audit Committee. The Audit Committee carried out its duties as assigned by the Board of Directors under the regulations of The Securities and Exchange Commission and the Stock Exchange of Thailand. In 2014, the Audit Committee held 4 formal meetings with the corporate auditors and internal auditors. The Committee also held several consultations with the internal auditors and management, with significant details summarized as follows:- The Audit Committee had reviewed and approved the annual internal audit plan, in order to ensure the sufficiency of internal control systems, with Audit and Management Consultants Co.,Ltd. the internal auditors of the Company. An emphasis was placed on managing risks and the internal auditors were assigned the task of reviewing this on a quarterly basis. The Committee reviewed the financial statements and related financial reports to ensure compliance with Thai Financial Reporting Standard and found that information disclosed are sufficient, complete and credible. The Committee reviewed all connected transactions between the Company and related parties and corporation and found that such transactions were carried out in the normal business operation manner, with competitive market price and on an arm’s length basis. The Audit Committee opined that an effective system of controls was in place. No shortcomings of a significant nature were found. Management was encouraged to enhance the efficiency of internal control and risk management systems to conform with a changing business environment on an ongoing basis. The Committee also provided support and encouragement to the internal auditors to ensure internal audit activities in 2015 measured up to international standard. The Audit Committee monitored the Company’s investment projects by following up and reviewing progress with the management team. The Committee reviewed and ensured that the Company was in compliance with the relevant regulations and laws, in order to provide equity and transparency to Shareholders and all related parties. The Company was found to be in complete compliance with such regulations and laws. The Audit Committee reviewed and submitted a proposal to the Board of Directors to appoint auditors from Bunchikij Accountants Co., Ltd. as the corporate auditors for the year 2015 based on their past performance, excellent reputation and professionalism.


EN_Tipco_Annual Report 2014
To see the actual publication please follow the link above