Audit Committee

 
Mr.Vitoon Tejatussanasoontorn
Mr.Vitoon Tejatussanasoontorn

Chairman of the Audit Committee

General Chetta Thanajaro
General Chetta Thanajaro

Audit Committee Member

Dr.Annop Tanlamai
Dr.Annop Tanlamai

Audit Committee Member

Report of the Audit Committee

The Audit Committee of Bangkok Expressway and Metro Public Company Limited, as appointed by the Board of Directors, comprises three independent directors, namely, Mr. Vitoon Tejatussanasoontorn, as Chairman of the Audit Committee, General Chetta Thanajaro, and Dr. Annop Tanlamai, as Audit Committee Members. The Chairman of the Audit Committee and Dr. Annop Tanlamai specialize in accounting and finance, and the General Manager of Internal Audit Office serves as secretary to the Audit Committee.
 
The Audit Committee has performed its duties within the scope, duties and responsibilities as assigned by the Board of Directors in line with the requirements of the Stock Exchange of Thailand, together with the suggestions on various related matters.  In 2021, the Audit Committee held four meetings for discussion and sharing of opinions with the management and internal auditor, and two meetings with the auditor without the management’s presence, for discussion on the essence of the audit plan, significant accounting matters, and accounting standards to be applicable, along with independence in performance of duties and expression of opinions of the auditor.  
 

The key performance of duties of the Audit Committee can be summarized as follows:

1. Review of Financial Report:

The Audit Committee reviewed the quarterly financial statements and the financial statements for 2021 of the Company and its subsidiaries, including changes in the accounting policy, significant accounting adjustments, and correct and complete disclosure of information, by receiving clarifications from the auditor, management, and internal auditor, in which the auditor was asked about the accuracy and completeness of the financial statements, adjustment of accounting entries which had a material impact on the Company’s financial statements, audit scope, financial reporting standards to be applicable in 2021 to rest assured that the financial statements were prepared in accordance with the legal requirements, the generally accepted accounting standards and the financial reporting standards, with correct and sufficient disclosure of information in a timely manner for the benefit of users of the financial statements, and therefore approved such financial statements as audited and reviewed by the auditor, representing a report on an unqualified opinion.
 

2. Review of Internal Control System:

The Audit Committee attached great importance to the internal control system in accordance with the practical framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), with the Internal Audit Office having the duties to review and independently evaluate the adequacy of the internal control system and report directly to the Audit Committee, as well as quarterly considering the results of the review in terms of operations, resource utilization, property care, prevention or minimization of mistakes, damage and fraud, compliance with relevant laws, rules and regulations, and prevention of information risk, with the results that no significant defects were found.  
On the other hand, the internal control system was adequate; all work units’ performance was efficient and effective; the specified objectives and targets were met; various relevant laws and requirements were observed; and fraud or corruption could be contained and prevented.    


 

3. Supervision of Internal Audit:

The Audit Committee supported the Internal Audit Office in its independent performance and assigned its duty to report directly to the Audit Committee, by considering and approving the annual internal audit plan and reviewing the results of operations as per the approved work plan, and considered the results of the audit, suggestions, and regular report on performance under the suggestions, and provided useful suggestions to the Internal Audit Office, and supported and promoted development of knowledge and abilities of workers in the Internal Audit Office, as well as approving the consideration for appointment, transfer, termination of employment of the Head of the Internal Audit Unit. 

4. Review of Good Corporate Governance:

The Audit Committee reviewed the Company’s operations to ensure due compliance with the law on securities and exchange, rules and regulations of the Office of the Securities and Exchange Commission, requirements of the Stock Exchange of Thailand, and other laws relating to the business operations, including obligations which might arise from agreements executed with third parties.  The Company was found to have duly and properly complied with the relevant laws and requirements in a timely manner; moreover, it had taken into account compliance with the good corporate governance principles, with a commitment to promoting the prevention of fraud or corruption.  To this end, the Company provided both internal and external whistleblower channels.
 

5. Review and Provision of Opinions on Connected Transactions or Transactions which might give rise to conflicts of interest, including Disclosure of Information on such Transactions:

The Audit Committee reviewed and provided opinions on execution of connected transactions or transactions which might give rise to conflicts of interest in compliance with the applicable laws and requirements of the Office of the Securities and Exchange Commission and the Stock Exchange of Thailand, with the results of the review indicating that the Company executed such transactions with transparency, justification, and benefit to the Company’s business operations and shareholders as a whole, together with correct and complete disclosure of information according to schedule.  However, in 2021, there was no transaction of the Company with its connected persons. 


 

6. Consideration for Selection and Nomination of the Auditor and Determination of Remuneration for the Auditor for 2018:

The Audit Committee had the duties to consider selecting, nominating, re-electing, or terminating the engagement of the auditor, and consider the remuneration for the auditor, by taking into account the auditor’s independence, knowledge, capability, experience, previous audit performance, reasonableness of the auditing fee, and was of the view that the auditor from EY Office Limited was independent, knowledgeable, capable and experienced regarding the audit, provision of advice on the accounting standards, certification of the financial statements in a timely manner, and that the auditing fee was reasonable.  Therefore, it resolved to propose the matter to the Board of Directors to consider and seek approval from the shareholders’ meeting for appointment of the auditor from EY Office Limited as the Company’s auditor for 2022, with the remuneration in an amount not exceeding Baht 4,324,000 per year. 
 

In summary, the Audit Committee has fulfilled its duties and responsibilities under the Audit Committee Charter as approved by the Board of Directors to provide various opinions and suggestions for the fair benefit of all interested parties, with its adequate knowledge, abilities, due care, prudence, and independence, and it was of the view that the Company’s reports on financial information and operations were correct, reliable, in line with the generally accepted accounting standards and the financial reporting standards; that the Company’s risk management and internal control system were proper, sufficient, together with the effective internal audit and operations in line with the good corporate governance principles, as well as compliance with applicable laws, rules and requirements relating to the business operations in all respects.

 
On behalf of the Audit Committee
 
 

( Mr. Vitoon Tejatussanasoontorn )

Chairman of the Audit Committee

 
We use cookies to give you a better experience on bemplc.co.th By continuing to use our website, you are agreeing to the use of cookies as set out in our Privacy Statement.