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• Internal audit:
The Committee reviewed and
approved the internal audit plan considering the
adequacy and suitability of the resources as well as
the internal auditor’s independence. The Committee
reviewed and examined SET’s internal audit operations
and concluded that they met their objectives.
The Committee has continuously encouraged the
internal auditor professional enhancement activities.
In 2014, the Committee supported the business
trips to other exchanges to share and gain insights
in internal audit practice.
• Corporate governance (CG):
The Committee held
quarterly meetings with the compliance unit’s
management team to review SET’s CG process in
complying with SET CG policy and Code of Ethics. The
Committee also supported other good CG practices,
such as by enabling employees and other stake-
holders to direct their complaints to the Committee’s
Chairperson. SET has opened up a special channel
via SET’s website under “Whistleblowing policy”
topic.
• Regulatory compliance:
The Committee met with
the management teams responsible for regulatory
compliance and internal audit to review and exchange
views to ensure that SET operations complied with
laws and regulations.
• Performance self-assessment:
The Committee
assessed itself and reported the results to the BoG
on an annual basis. The 2014 results indicated that
the Committee’s performance completely fulfilled
according to its Charter which was approved by the
BoG and reviewed annually.
• Appointment of 2015 external auditors:
The
Committee has responsibilities to recommend to the
BoG the appointment and removal of the external
auditor. The Committee reviewed the external auditors’
performance and independence in 2014 and
recommended to the BoG that PricewaterhouseCoopers
ABAS Ltd. (PwC) be appointed as SET Group auditor
for 2015 due to their performances, professionalism,
experiences and independence, for approval by the
meeting of member companies.
In summary, the Committee viewed that SET’s
financial statements were prepared in accordance
with generally accepted accounting principles and
were accurate in essence, with sufficient and proper
information disclosure. The Committee also viewed
that the internal control system and risk management
were appropriate and sufficient in compliance with
related laws and regulations. Therefore, the Committee
reasonably believed that SET’s operation could achieve
its set objectives.
Jotika Savanananda
Chairperson, Audit Committee
February 16, 2015