[ AUDIT COMMITTEEûS REPORT ] To Shareholders, The Audit Committee of Asia Sermkij Leasing Public Company Limited consists of four independent and non-executive directors whose qualifications are appropriate and in compliance with the regulations stipulated by the Stock Exchange of Thailand and the Office of the Securities and Exchange Commission, namely, 1. Mr. Pradit Sawattananond Chairman of Audit Committee/ Independent Director 2. Mr. Anant Svattananon Member of the Audit Committee/ Independent Director 3. Associate Professor Dr. Supriya Kuandachakupt Member of the Audit Committee/Independent Director 4. Mr. Kasem Akanesuwan Member of the Audit Committee/Independent Director During the year 2011, the Audit Committee held 4 meetings with the Companyûs Management, the internal auditors and the external auditors for the discussion of the related agenda. Among them was one non-management meeting with the external auditors in order to enhance good corporate governance and transparency to the Companyûs financial statements. Each Audit Committee member has dedicated his/her time to attend all the meetings except in the case of necessity for being unable to participate. In the year 2011, the attendance record of each member of the Audit Committee is as follows:: Name No. of Meetings Attended/ No. of Total Meeting (Times) 1. Mr. Pradit Sawattananond 4/4 2. Mr. Anant Svattananon 2/4 3. Associate Professor Dr.Supriya Kuandachakupt 4/4 4. Mr. Kasem Akanesuwan 4/4 The Audit Committee completely performed duties as designated by the Board of Directors and specified in the Audit Committee Charter with prudence and independence in accordance with the terms and best practices for Audit Committees of the Stock Exchange of Thailand. The Audit Committee has conducted the following key activities: 1. Review of the consolidated quarterly and annual financial statements with the external auditors prior to submission to the Board of Directors in order to ensure that they were prepared in accordance with the generally accepted accounting principles with the adequate and accurate disclosure of information. The review concluded that the financial statements were prepared in accordance with the generally accepted accounting principles and the disclosure of information was adequate, accurate, reliable, and timely.. 2. Review of the internal control system with the internal auditors and the external auditors to assess its sufficiency and effectiveness. The Audit Committee reviewed the internal control assessment for the year 2011 with the Assessment Form of Sufficiency of Internal Control System prescribed by the Securities and Exchange Commission (SEC). The review concluded that there was no significant error from the operation and the Companyûs internal control system was sufficient and in compliance with the SECûs requirements. 3. Review of the Companyûs operations to ensure they were in compliance with the Securities and Exchange Acts and the Stock Exchange of Thailandûs regulations and laws relating to the Companyûs business. The review concluded that the Companyûs operations were in compliance with the relevant laws and regulations. 4. Consideration of selection, nomination, and remuneration of the Companyûs external auditors in order to Asia Sermkij Leasing Public Company Limited
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