The Audit Committee

The Board of Directors has assigned 3 members from the Audit Committee to supervise, monitor and assess if the internal control system is appropriate and sufficient in this ever-changing situations. Hence, annual assessment is required and the results will be reported directly to the Board of Directors.

The Audit Committee will hold a meeting with external auditors from EY Office Limited and internal auditors on a regular basis, at least once a quarter, to follow up and inquire about the Company’s internal control system which was clarified that no significant deficiencies were found in the Company’s internal control system.

In the Board of Directors’ Meeting No. 5/2022, dated December 22, 2022, the Board of Directors received a preliminary report from the Audit Committee regarding the assessment of the sufficiency of the internal control system for the year 2022 which stated that the Company has an internal control system that is sufficient and appropriate for the current situation which the Company has adopted the framework of internal control assessment according to the assessment form of the Securities and Exchange Commission. The framework covers 5 elements, including environment within the organization, risk assessment, control activities, information and communication system, and the monitoring and evaluation system as defined by the international standards of COSO (The Committee of Sponsoring Organizations of the Treadway Commission) which the Board of Directors has reviewed and agreed with the Audit Committee.

At the department or division level, the Company has adopted the self-assessment system for internal operation of each department which is conducted annually in order to review and enhance its operations and working process so the internal control becomes more efficient and effective. This also helps encourage continuous development.