TrueSuccess - True Corporation Public Company Limited

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84 ANNUAL REPORT 2004 TRUE CORPORATION PUBLIC COMPANY LIMITEDBy virtue of a resolution of the Board of Directors of the Company passed at its meeting No. 1/2546 held on 27 thFebruary 2003, the Audit Committee was re-appointed to perform duties and discharge responsibilities under the charter forthe Audit Committee. During the year 2004, the Audit Committee proceeded as follows:1. held 8 committee meetings in 2004 in order to discharge its functions as assigned by the Board of Directors. Themanagement was invited to provide extra information in certain agenda items. The Audit Committee reported itsactivities to the Board of Directors on a quarterly basis;2. considered and proposed the appointment and remuneration of PricewaterhouseCoopers ABAS Limited as theCompanyûs external auditor for the year 2005;3. reviewed the quarterly and annual financial reports of the Company and its subsidiaries to ensure correctness,reliability and adequacy of information disclosed, reflecting good corporate governance;4. acknowledged the Audit Plan and external auditorûs findings and provided recommendations;5. considered the internal audit plan under risk-based approach and the monthly, quarterly and annual results as well assubmitted suggestions on actions to be taken by the management, and also on following up the progress of these actions;6. regularly reviewed the Companyûs and its subsidiariesû practices relating to connected transactions to ensurecompliance with the regulations of the Stock Exchange of Thailand;7. closely monitored the work progress of Internal Audit Department in order to enhance effectiveness of the internalaudit function and continuously ensured that the Company improved its internal controls system to enhanceefficiency and effectiveness and ensure appropriate compliance with applicable regulatory requirements;Towards this end, the Management upon the recommendation of the Audit Committee engagedPricewaterhouseCoopers Risk Management Services Limited to provide IT internal audit consulting services which aimfor development of the standards and performance of the IT internal audit activities. In this regard, the Audit Committeehas been closely monitoring the progress of the consulting services project which was completed in 2004.This project, which has achieved its purpose, is an essential step in strengthening the IT internal audit functionof the Company;8. initiated a synergic combination of TRUE and TA Orange Internal Audit functions. In view of such synergy,the combined Internal Audit Department will be further strengthened and more effective towards attaining its goals.(Mr. Vitthya Vejjajiva)Chairman of the Audit Committee
ANNUAL REPORT 2004 TRUE CORPORATION PUBLIC COMPANY LIMITED85The Board of Directors is responsible for the financial statements of the Company and its subsidiaries. Theaforementioned financial statements have been prepared in accordance with Generally Accepted Accounting Principles, usingappropriate accounting policy consistently employed by the Company as well as applying careful judgment and bestestimation. Important information is adequately disclosed in the notes to financial statements.The Board of directors has provided and maintained an efficient internal controls system to ensure that accountingrecords are accurate, complete and adequate to protect its assets.To accomplish this task, the Board of Directors has appointed an Audit Committee, which consists of IndependentDirectors responsible for the quality of financial statements and internal controls system, whose comments on these issuesare readily included in the Audit Committee Report in this Annual Report.The Board of Director is of the opinion that the Companyûs overall internal controls system is adequate and suitable andhas rendered credibility and reliability to the financial statements of the Company and its subsidiaries for the year ended 31 stDecember 2004.
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TrueSuccessWhen we have each other,
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