AUDIT COMMITTEE’S REPORT FOR FISCAL YEAR 2010
The Audit Committee of Airports of Thailand Public Company Limited (AOT) was appointed by the AOT Board of Directors. The Committee consists of Mr. Suthi Kreingchaiyapruk as the Chairman, Mr. Pongsak Semson, Mr. Thanapich Mulapruk, Air Chief Marshal Bureerat Ratanavanich as Members and Mr. Suriya Kulnitayakorn, Director of AOT Audit Office, as the secretary. The Audit Committee puts special emphasis on good corporate governance and performs its duties in compliance with the charter of the Audit Committee. The Audit Committee gives opinions and suggestions with independence, for good corporate governance, internal control and risk management to ensure maximum efficiency of the Company. During the year 2010, the Audit Committee convened 12 meetings, along with the attendance of the Management, related departments and the auditor. The meetings could be summarized as follows: - The Audit Committee together with AOT’s finance and accounting executives and auditor from the Office of Auditor-General, the Management and the auditor participated in examining AOT’s quarterly financial reports, 2010 annual financial report and monthly operating results to ensure that AOT’s financial statements were properly prepared in compliance with accepted accounting standards and with adequate disclosure of the financial information. - The Audit Committee and the auditor, without the presence of the Management, reviewed the Company’s financial statements and notes to the financial statements. - Connected transactions that may cause any conflict of interest amongst stakeholders were reviewed and found accurate and complete. - The Audit Committee’s reports were prepared and quarterly proposed to the Company’s Board. - The Audit Committee reviewed the internal control system and gave suggestions to the Board and Management on the improvement of AOT’s internal control, bringing it to acceptable levels. The Audit Committee also made recommendations on the progress report on setting up internal control system in conformity with the Auditor General Regulations on Internal Control Standards B.E. 2544 - The 2010 report on the good corporate governance was reviewed to ensure that AOT followed the regulations of related laws and good corporate governance as a registered company. - The suggestions and recommendations on the independence of the AOT Audit Office were provided. The AOT Audit Office report on internal audit in 2010 were reviewed and improved as suggested in the report to ensure of work efficiency and effectiveness. Moreover, the 2011 internal control plan and the long-term plan for the year 2011-2013 were considered and approved according to the risk factors to cover the entire work field, along with the evaluation of the director of the Audit Office. - The auditor and the fee were nominated to the Board, to further propose to the shareholders for approval on the appointment of the Office of the Auditor General of Thailand as the Company’s auditor for the year 2010. - The Audit Committee’s Charter and the Audit Office’s internal audit manual were reviewed and improved. The Audit Committee performed their duties with prudence, independence, transparency and verification in line with the principles of good corporate governance. Based on the review and examination of various matters over 2010, the Audit Committee was of the view that AOT’s procedures for preparing financial statements, the internal control report, risk management and internal audit were efficient and appropriate in compliance with the related criteria and guidelines.
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Annual Report 2010 I Airports of Thailand Public Company Limited
(Signed) (Suthi Kreingchaiyapruk) Chairman of the Audit Committee 29 November 2010