Deloitte Touche Tohmatsu Jaiyos Audit ดีลอยท์ ทู้ช โธมัทสุ ไชยยศ สอบบัญชี - 2 - Key Audit Matter Audit Responses The measurement of inventories valuation Inventories of the Group are significant balance to the consolidated and separate financial statements. The raw material and finished goods are commodities that contain intense price volatility. This volatility may lead to valuation of inventories at the end of reporting period as inventories are measured at the lower of cost or net realizable value. The accounting policy of inventories valuation of the Group and the detail of inventories are disclosed in notes to the financial statements no. 3.5 and 10, respectively Key audit procedures included: Gain understanding and performing test of design and implementation as well as operating effectiveness of the relevant controls over inventories valuation measurement process. Assessing the appropriateness of the methodology used to calculate the net realizable value of inventories at the end of reporting period, considering the reasonableness of the market price used by reference to expected selling price of commodity, and testing the accuracy of calculation. If the net realizable value is lower than the cost, considering to propose the adjustment of allowance for diminution in value of inventories in the consolidated and separate financial statements. Assessing the adequate disclosure in relation to the estimation of allowance for diminution in value of inventories in notes to the financial statements. Other Information Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated and separate financial statements and our auditor’s report thereon. Our opinion on the consolidated and separate financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated and separate financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Consolidated and Separate Financial Statements Management is responsible for the preparation and fair presentation of the consolidated and separate financial statements in accordance with TFRSs, and for such internal control as management determines is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated and separate financial statements, management is responsible for assessing the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group and the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process. 289 REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS IRPC PUBLIC COMPANY LIMITED
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