Committee scrutinized issues arising in the course of auditing and gave recommendations to improve internal audit efficiency and to monitor auditing results on a regular basis. In addition, the Audit Committee also made arrangements for the assessment of as well as regularly following up on the audit results, a preliminary internal audit quality assurance review (Internal QAR) in compliance with the standards for internal audit professionals. The Audit Committee has undertaken continual development of internal audit personnel by promoting the exchange of audit-related knowledge among PTT Group companies and encouraging internal auditors to obtain professional certificates for internal auditing. This will help them gain additional knowledge and raise internal audit quality to a level comparable to internationally accepted professional standards. In addition, the Audit Committee has underscored the importance and encouraged the use of IT systems in internal audit operations. In 2023, the Internal Audit Office developed Robotic Process Automation (RPA) to support internal audit to increase the efficiency and effectiveness of internal audit. 5. Review corporate governance The Audit Committee places a strong emphasis on ethical business practices through its review and provision of opinions on material connected transactions involving related parties or companies. This approach serves as a precautionary measure against conflicts of interest. The Committee’s reviews are grounded in customary business practices, assessing reasonableness, pricing referenced to reasonable market standards, and ensuring arm’s length transactions to safeguard the company’s best interests. This reviewing process extends to handling whistleblowers and complaints about corruption, resolution of complaints in line with good corporate governance, and ensuring full information disclosure according to SET-prescribed rules. Moreover, the Audit Committee actively encourages the company and its subsidiaries to maintain and renew their memberships with the Collective Action Against Corruption (CAC). 6. Review corporate compliance The Audit Committee has meticulously reviewed and overseen the company’s operations to ensure full compliance with laws governing securities and the stock exchange, SET-prescribed rules, industry guidelines, environmental regulations, personal data protection, and other relevant laws pertaining to the company’s business operations. Additionally, the committee actively monitors forthcoming legislation that may impact the company in the future. Upon a comprehensive review of corporate compliance, the Audit Committee holds the opinion that the company has an effective internal control process in place, ensuring complete regulatory compliance. 7. Selection and appointment of certified public accountants for 2023 The Audit Committee holds the responsibility of considering, selecting, nominating, and proposing remuneration for the certified public accountant. This ensures that the independent external auditor possesses the requisite qualifications, expertise, and professional skills. The evaluation considers their past performances and professional experience auditing similar businesses, along with the reasonableness of the auditing fee. Following a thorough review of nominated external auditors, the Audit Committee endorsed the nomination of EY Office, subject to the Board’s approval and subsequent endorsement by the shareholders. Additionally, the committee scrutinized other services provided by the external auditor to ensure they do not compromise auditing independence. 8. Other matters The Audit Committee reviewed its own charter to ensure alignment with corporate governance guidelines and the recommended practices outlined by the SEC Office. Additionally, the committee regularly reported its performance to the Board of Directors for acknowledgment quarterly. In summary, throughout 2023, the Audit Committee diligently executed its duties independently, exercising utmost caution and prudence. The committee provided valuable opinions and recommendations beneficial to the company. It ensured the accuracy, completeness, and credibility of IRPC’s financial reports, and verified the company’s commitment to good corporate governance, adherence to applicable laws and regulations, and the efficacy of its risk management and internal control systems. These efforts aimed at facilitating IRPC to attain optimal benefits and sustainable growth. (Mr. Yordchatr Tasarika) Chairman of the Audit Committee 55 56-1 ONE REPORT 2023 Report of the Audit Committee
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