Report of the Audit Committee
program and supported constant, systematic personnel
7. Appointment of the external auditor for 2017:
development and an Internal Audit Academy to equip
The committee endorsed the Office of the Auditor General
internal-audit personnel with professional knowledge
of Thailand (OAG) as PTT’s external auditor for 2017 for
and skills. In place are assessment and amendment
the Board’s concurrence and the shareholders’ approval
of the internal audit competency framework. It also
at the AGM 2017, together with its audit fees. Incidentally,
supported the internal audit to embed IT in audit process
in the absence of PTT’s management, the committee
and extend CCMS (Continuous Control Monitoring and
reviewed with the external auditor the scope, approach,
Auditing Systems) to screen and monitor errors (Red
and audit plans of the external auditor.
Flags) and frauds potential in PTT Group companies as well as processes other than Procure to Pay. Meanwhile,
In summary, the Audit Committee carried out
the existing systems are to be constantly improved for
its duties and responsibilities stated in its charter with
modernity and efficiency.
competence, care, prudence, and adequate independence
The committee reviewed the Office of Corporate
while providing creative views and recommendations for
Audit’s strategy, and also annual and long-term internal audit
the equitable benefit of all stakeholders. Its opinion is
plans, including its performance and audit engagement
that PTT’s financial reports were accurate, credible, and
reports. To this end, it provided recommendations and
in alignment with generally accepted accounting
monitored corrective actions for significant issues for good
standards. In addition, PTT commanded practices that
governance and adequate internal control. It considered
complied with relevant laws and business obligations,
reviewing the internal audit charter and reviewed the
together with corporate good governance, adequate risk
Office of Corporate Audit’s annual budget, personnel
management and a suitable, effective internal control
development, recruitment, rotation, and training plans.
and internal audit systems.
Also reviewed were the office’s adequacy and suitability of resources, KPIs, and the annual merit consideration for the Senior Executive Vice President, Office of Corporate Audit. 6. Quality assurance of the Audit Committee: The committee not only reviewed and amended its own charter, but also assessed its own performance as a group and individual (performance self-assessment and cross-assessment) in line with the best practices of the State Enterprise Policy Office to ensure that its efficient and fruitful performance. Assessment findings were regarded as excellent. Finally, the committee reported its performance outcomes to the Board every quarter, with remarks and opinions provided for the process improvement of governance, risk management, internal control, and compliance with company regulations.
019
Annual Report 2016
PTT Public Company Limited