Annual Report 2010
Asian Property Development Plc.
The Company also hired P&L Internal Audit Company Limited for internal audit and to eliminate conflict of interest, with special emphasis on business and operation risks. The objective is to audit and enhance the Company’s operation efficiency, increase the confidence level of the audit committee and the executives that the information system is reliable, all to create confidence in controlling, supervising, and utilizing the Company’s asset appropriately. These could enable the audit committee and executives to foresee potential problems and ensure that the Company has efficient control system and the employees strictly comply with the internal control system. With regards to the accounting side of internal control, the accounting auditor Ms.Kamonthip Lertwitworathep, who is the auditor of the Company’s financial statements, from Ernst & Young Co., Ltd has assessed that the internal control system in the accounting practice revealed no crucial flaw.
Moreover, the audit committee finds the Company’s internal control system satisfactorily efficient and transparent. From the annual financial statement audit with the external accounting auditor and the concerned management, the audit committee deems that the financial statements has presented fairly the financial position and the operation result in accordance with the generally accepted accounting principles. During the audit committee meeting no. 3/2011 on 24 February 2011, 3 audit committee members were present. The committee has evaluated internal control system by inquiring information from the management and tracing evidence documents. After evaluating 5 aspects of internal control system, which are organization and environment, risk management, the management’s operational control, information technology and communication, and monitoring system, the audit committee concluded that the Company has adequate internal control measures in all 5 aspects. The Company set goals in business administrating to archieve, evaluated regularly internal and external risk factors and managing the foreseen risks. The Company also reorganized the company’s structure and responsibilities, allowed the auditors and the internal auditors which are both independent outsources to examine the Company’s activities
Connected transactions The company and subsidiary companies have proceeded the connected transactions with person or juristic person, which may have a conflict as followed (more details in the notes to consolidated financial statement);
58