SEA OIL PUBLIC COMPANY LIMITED The Audit Committee Report Dear Shareholders, The Audit Committee of Sea Oil Public Company consists of 3 Independent Directors who have expertise and experience in accounting, law and administrative and also have qualification as required under the Notification of the Office of Securities and Exchanges Commission. The Audit Committee duly performed its duties within the scope and responsibilities as assigned by the Board of Directors which are prescribed in the Audit Committee’s Charter and in line with the Notification of Capital Market Supervisory Board and regulations of the Stock Exchange of Thailand. In year 2015, the Audit Committee conducted 6 meeting in total and reported its performance to the Board of Directors on quarterly basis, the details of attendance of each Audit Committee’s member are as follows: 1. Assoc. Prof. Dr.Ruth Banomyong 2. Mr. Teweep Soontornsingha 3. Dr. Chalermwit Chimtragoon
Chairman of Audit Committee Audit Committee Audit Committee
attendances 6 out of 6 attendances 6 out of 6 attendances 6 out of 6
,whereby every meeting was the meeting with the Auditor, Internal Auditor, Managing Director, Executive Director of Accounting and Finance department and other relevant executive directors in accordance with relevant agendas, including 1 time meeting with the Auditor and Internal Auditor without attendance of any managements for independent consultations on significant matters as well as acknowledgments of performances and recommendations, including complications and difficulties during performing of duties. The Audit Committee independently reported, made an opinion and gave recommendation to the Board of Directors of which it can be summarized as follows: Financial Statement Review The Audit Committee considered and reviewed material financial information of quarter financial statement and annual financial statement for the year 2015 and made inquiries and received clarification from managements and Auditor including the acknowledgement of recommendation as per auditing and suggestion of the Auditor of which the Audit Committee shared the same view with the Auditor that the financial statement as at 31 December 2015 of the Company was duly prepared in all material as aspects in accordance with Thai Financial Reporting Standard (TFRS) and had disclosing in sufficient. Internal Control and Internal Audit The Audit Committee reviewed and assess the sufficient of annual internal control of the Company and subsequently proposed to the Board of Directors in order to ensure that the Company had an appropriate and sufficient internal control for the Company business with consideration from the internal audit report in connection with the Company’s significant performances, the risk management of which it resulted in there was no weakness or deficiency. For the compliance of internal audit, the Audit Committee considered and nominated the Company’s internal audit by consideration from the independent performance, quality of audit task and knowledge and ability of profession including the approval of annual internal audit plan whereby using risk assessment and internal control pursuant to COSO standard. The Audit Committee considered the outcome of internal audit on quarterly basis including the supervision and follow up of the adjustment or change of the performance in accordance with the Internal Audit’s recommendation on quarterly basis.
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