Report of the Audit Committee Dear Shareholders, The Audit Committee of IRPC comprises three independent directors who are highly skilled, knowledgeable, and experienced professionals. They bring expertise in diverse areas, ranging from legal, financial accounting, and business administration to IT and innovation. The Audit Committee executes its responsibilities as assigned by the Board of Directors and in accordance with the charter of the Audit Committee. This aligns seamlessly with the guidelines outlined in the Notification of the SET and adheres to the best practices mandated by the SEC Office. The Audit Committee plays a pivotal role in supporting the company’s corporate governance responsibilities, fostering robust risk management, and ensuring compliance with relevant laws, regulations, and industry guidelines. The implementation of effective internal control and internal audit measures, in conjunction with these practices, instills confidence, adds value to the company, and safeguards the best interests of all stakeholders. In 2023, the Audit Committee conducted a total of 12 meetings, with 100% attendance from all directors. These sessions involved discussions on relevant agendas with the management, internal auditor, and certified public accountants. The key responsibilities of the Audit Committee can be summarized as follows: 1. Review financial reports The Audit Committee reviewed the company’s quarterly and annual financial statements, including related party transactions and transactions with possible conflict of interest together with external auditors and corporate accounting and finance executives on agenda items relating to financial statements where they were expected to clarify and address the Committee’s queries as to the accuracy, completeness, and reliability, including adequate disclosure of external auditor’s opinion that is useful to financial statement users, in accordance with financial reporting standards and in compliance with relevant laws. The Audit Committee reviewed and approved the financial statements audited by external auditors who gave an unqualified audit report. In addition, the Audit Committee held a meeting with the external auditors specifically, without the participation of the management to discuss the proposed audit plan and suggestions on how to handle matters of concern in the course of auditing. They also discussed the independence of external auditors, material risks, and key audit matters (KAM). 2. Review risk management The Audit Committee reviewed risk management based on the internal auditors’ and external auditor’s reports on the company’s risk management and acknowledged the report on corporate risk management performance for which the Risk Management Committee provides oversight. The Risk Management Committee’s oversight also covers approval of risk management policy and framework, monitoring of risk assessment, approval of risk management measures, and reporting on the corporate risk management performance to the Board for acknowledgment on a regular basis. This is to ascertain that the company’s risk management system is suitable and adequate for its businesses to manage and keep risks within its risk appetite. 3. Review the internal control system The Audit Committee reviewed the adequacy and suitability of IRPC’s internal control system to reasonably ensure the efficiency and effectiveness of IRPC’s business operations to achieve objectives and goals. The review was based on the internal and external auditors’ reports on internal control, the follow-up reports on implementation of auditors’s recommendations as well as results of the assessment on the adequacy of the company’s internal control system and its performance. Having detected no issue of concern or deficiency that may materially impact the company’s main objectives, the Committee was reasonably assured that the company had a sound internal control system adequate for its business operations. 4. Provide oversight for internal audit The Audit Committee has provided oversight for the internal audit unit to ensure its independence and ascertain that the internal audit unit reports directly to the Audit Committee as prescribed by the internal audit charter, which is subject to annual review. The Audit Committee also reviewed the internal audit performance in accordance with the pre-determined internal audit strategies, goals, and internal audit plan. The Audit 54 IRPC Public Company Limited Report of the Audit Committee
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