Annual Report 2017

79 Internal audit The Committee approved the annual internal audit plan and budget, as well as the adequacy and suitability of the personnel and the independence of the Internal Audit Department’s operation. The Committee has also continuously provided recommendations on audit quality improvement for more efficiency. The Committee reviewed and examined SET’s internal audit operations according to the approved annual plan and concluded that the operations had effectively met the set objectives. The Committee has continuously encouraged the internal auditor’s professional enhancement activities. In 2017, the Committee supported staffs in Internal Audit Department together with Risk Management Department, and Compliance Department to join a business trip to Deutsche Borse Group in Germany to exchange information and experiences. The staff also attended several training courses and seminars, such as the participation of internal auditors in the Asia Pacific CACS 2017 conference in United Arab Emirates, and the Global IA Leadership summit in Singapore, including the training to be certified as the ISO 27001 and ISO 22301 Lead Auditors. Corporate governance (CG) The Committee held quarterly meetings with the compliance unit’s management team to review SET’s CG practice to make sure it complied with SET CG policy and Code of Ethics. The Committee also supported other areas of good CG practices, such as providing a channel for employees and other stakeholders to direct their complaints on the SET group’s wrongdoings 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 Department to discuss and exchange views to ensure that SET operations complied with rules and regulations by the SEC, related laws and regulations as well as international standards. Performance self-assessment The Committee assessed itself and reported the results to the BoG on an annual basis. The results indicated that the Committee’s tasks have completely been fulfilled according to the charter. The performance assessment was reviewed annually and then presented to the BoG. Appointment of 2018 external auditor The Committee has the role and duty to recommend to the BoG the appointment and removal of the external auditor. The Committee considered Deloitte Touche Tohmatsu Jaiyos Audit Company Ltd.’s suitable experience, expertise and professionalism with independence, the Committee then proposed that the auditor from Deloitte Touche Tohmatsu Jaiyos Audit Company Ltd. be the auditor of the SET group for the 2018 financial statement, for the BoG’s consideration. The BoG will further seek approval and appointment from the meeting of SET 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 information disclosure. The Committee also viewed that the internal control system and risk management were sufficient and appropriate 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 March 19, 2018