Report of the Audit Committee Dear Shareholders, IRPC’s Audit Committee consists of three independent directors who are professionally qualified, knowledgeable, and highly experienced in the energy business, engineering, financial accounting, and management. Undertaking tasks assigned by IRPC’s Board of Directors, in strict observance of the Audit Committee’s own charter, this committee also acts in compliance with notifications of the SET and SEC. The Audit Committee’s policy focuses on compliance with good corporate governance, laws, and regulations relating to business operations, and ensuring the suitability, efficiency and effectiveness of the company’s internal control and internal audit systems. In 2021, the Audit Committee held a total of 11 meetings with the management, internal auditors, and external independent auditors as per the relevance of agenda items. Its performance is highlighted below: 1. Review of financial reports The committee reviewed 2021 consolidated quarterly and annual financial statements together with connected transactions and transactions that may cause conflicts of interest. The auditors and accounting and finance executives were invited to attend meetings on agenda items relating to financial statements where they were expected to clarify and address the committee’s queries as to their accuracy and completeness, adjustments of material account entries, adequacy of information disclosure and auditor’s opinion. The Audit Committee determined that IRPC’s financial statements were accurate, complete, and credible in accordance with the financial reporting standards. In addition, the Audit Committee held an exclusive meeting with the external auditor in the absence of the management to consult with auditor about the audit planning, auditor’s recommendations following an audit, as well as impact from the new accounting standards that came into force, such as Thai Financial Reporting Standards 16 for lease accounting (revised 2021), Thai Financial Reporting Standards 9 for financial instruments, as well as independence of auditors, material risks and Key Audit Matters (KAMs). 2. Review of risk management The Audit Committee reviewed risk management based on the internal auditors and external auditor’s reports on theCompany’s riskmanagement and acknowledged the report on corporate risk management performance for which the Risk Management Committee provides oversight. The Risk Management Committee’s oversight also covers approval of risk management policy and framework, monitoring of risk assessment, approval of risk management measures, and reporting on the corporate risk management performance to the Board for acknowledgement on a regular basis. This is to ascertain that the company’s risk management system is suitable and adequate for its businesses to manage and keep risks within its risk appetite. 3. Review of internal control system The Audit Committee reviewed the adequacy and suitability of IRPC’s internal control system to reasonably ensure the efficiency and effectiveness of the company’s business operations to achieve objectives and goals. The review was based on the internal and external auditors’ reports on internal control, the follow-up reports on implementation of auditor’s recommendations as well as results of the assessment questionnaires completed by the management on the adequacy of the company’s internal control system in accordance with the internal control operational framework prescribed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Having assessed the internal control system, risk management and credibility of financial reports, the committee was reasonably assured that the Company had sound internal control system adequate for its business. The results of the assessment can reasonably give assurance that the Company had sound and adequate internal control system for its business operations. 4. Review and oversight of internal audit The Audit Committee has provided oversight for the internal audit unit to ensure its independence. The internal audit unit reports directly to the Audit Committee as prescribed by the internal audit charter, which is subject to annual review. The internal audit unit is tasked with implementing internal audit in accordance with the internal audit policy and the 54 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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