QTC Energy Public Company Limited
Internal Control In the 1/2555 annual meeting of the company’s board of directors on 23 February 2012 with all three auditing directors also in attendance at the meeting, the board of directors assessed the adequacy of the company’s internal controls, by asking the executives for information and summarizing from the assessment that various aspects of the company’s internal controls comprise the following five parts:
1. Organizational Control and Environmental Measures
2. Risk Management Measures
3. Management Control Activities
4. Information and Communication Measures
5. Monitoring
The board of directors holds the view that the internal control system concerned with transactions with the major shareholders, directors, executives or people involved with the aforementioned individuals (according to Clause 3 from 3.3 to 3.7 of the evaluation form) are already sufficient for internal control. As for the other items, the board of directors holds the view that the company also has adequate and proper internal control.
Performance Associated with the Company’s Internal Control The company has an Audit Committee to perform the duty of auditing the company, an internal control system and suitably effective internal auditing, including examinations of the company’s operations to assure compliance with the laws governing securities and securities markets, the regulations of the Stock Exchange of Thailand and laws associated with the company’s business. The Auditing Committee meets together at least once quarterly in order to consider and take action toward having an accurate financial report with complete and sufficient disclosure of information, including the consideration of related transactions or potential conflicts of interest for compliance with the law and the regulations of the Capital Market Supervisory Board and the Stock Exchange of Thailand. Accounting auditors attend these meetings in order to provide observations from the company’s accounting audits. At present, the company has no Internal Audit Department of its own. The company has hired P & L Internal Audit Co., Ltd. to perform the duty of auditing the company’s internal controls since the end of 2007. The aforementioned internal auditors have prepared reports on the findings of the assessment and audit of the company’s internal control system, and continually presented the results directly to the Auditing Committee every quarter. The company has always made corrections and improvements in the operating systems of various departments according to the recommendations of the internal auditors.
ANNUAL REPORT 2011
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