ANNUAL REPORT 2007 รายงานประจำปี - IR Plus

transactions carried out by the Company’s subsidiaries which are considered not to be normal business deals;
Baht 1 million or more transactions between the Company’s subsidiaries and third parties, require approval
from both the Board of Directors and Audit Committee.
From 2005 onwards, the Company has employed BK Audit, the external auditor, to examine effective
compliance of the Company and its Subsidiaries in the following areas: the control environment, proper risk
management, internal control activities, and monitoring and evaluation process. Under the mentioned scope of
work, BK Audit shall work independently. After evaluation, the external auditor will directly report to the Audit
Committee.
• Risk Management
As the Company viewed that the risk management is an important factors that can affect the Company’s
operations, the Risk Management Committee has been formed in November 2008. The indication and
evaluation of risk factors as well as the analysis and monitor the incidents which are sources of the risk factors
shall be implemented regularly. In addition, the Company has indicated the appropriate way to reduce such
risks.
• Directors’ Reports
The Audit Committee is responsible for reviewing the Company’s financial reports. Quarterly, the financial
report shall be presented to the Audit Committee for their approval, first. And then it will be presented to the
Board of Directors for their approval.
The Board of Directors is responsible for major business operation, corporate governance practices,
consolidated financial statements of the Company and its subsidiaries, as well as the financial information as
presented in the annual report. The financial statements are prepared under generally accepted accounting
principles in Thailand. Appropriate accounting policy is used and adopted on a regular basis. Cautious
judgments and most appropriate estimates are utilized in the preparation of financial information. Material
information is also adequately disclosed in the notes to financial statements.
The Board of Directors appointed the Audit Committee, comprising 3 independent directors, to review the
accounting policy, quality of financial reports and internal control system in which the Audit Committee has
provided their opinion that the Company has sufficient and appropriate internal control system.
4. Board of Directors’ Meeting
At least one Board of Directors’ meeting shall be held quarterly with additional meeting to be called if required.
In 2007, the Company has arranged 7 Board of Directors’ meeting and 4 Audit Committee’s meeting.
The meeting agenda must be clearly indicated prior to each Board of Directors’ meeting. Invitation letter and
relevant documents together with meeting agenda and support documents shall be sent out to each director 7
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