Audit Committee

Audit Committee

The Audit Committee consists of independent Directors who are separate from the Executive Management. The committee comprises of professional and fully qualified member according to The Stock Exchange pf Thailand (SET) or Securities and Exchange Commission, Thailand (SEC)

On 31 December 2016, there are there Audit Committee members:

No.NamePositionMeeting Attendance
1Assoc.Prof.Dr. Ruth BanomyongChairman of the Audit Committee5/5
2Mr. Wichai XiaoAudit Committee5/5
3Mr. Charoenkiat HuthananunthaAudit Committee5/5
Report of the Audit Committee

Dear Shareholders

The Board of Directors of WICE Logistics Public Company Limited appointed the Audit Committee composed of three independent directors qualified by the stock Exchange of Thailand (SET). And the Board of Directors defined the qualifications, term of membership and duties and responsibilities of the Audit Committee in accordance with the Audit Committee Charter.

The current Audit Committee consists of Associate Professor Ruth Banomyong (PhD) as the Chairman, Mr.Wichai Xiao and Mr. Charoenkiat Huthananuntha as committee members.

The three members are not a director of its parent company, subsidiary company, associate companies, and same-level subsidiary company or a major shareholder in accordance with the provisions of law, and Ms. Woraluck Limsookprasert acts as Secretary of Audit Committee.

In 2016, the Audit committee held a total of five meetings which included meetings with the internal auditor, the Management and the external auditor. The Audit committee reported the meetings and the operation of the Audit Committee to the Board of Directors on a quarterly basis. At all events, the Audit Committee acted in accordance with the Audit Committee Charter conforming to the stock Exchange of Thailand (SET). The full summary is as follows.

1. Review of Financial Reports
The Audit Committee has reviewed the annual financial statement and quarterly financial statements and consolidated financial statements, together with the auditor Internal Auditor As well as listen to statements by the Management. The review found that financial statements are accurate, reliable and timely and ad equate disclosure. The Committee noted the issues that would be beneficial to the Company. In addition, the Audit Committee held one meeting with the external auditor without the Management of the Company to acknowledge the independence of auditors and the scope of the auditor’s operations.

2. Review of internal control effectiveness

The Audit Committee has considered the internal audit plan for 2016, including the scope of the audit per the Risk Based Internal Audit Plan of all operations processes of the Company.

The Audit Committee has reviewed the effectiveness and efficiency of the Internal control system in which the internal audit department had conducted per international standards and has reviewed all operation processes within the company on a quarterly basis.

The Audit Committee has provided useful suggestions to improve operational effectiveness to the Company and track the Management ‘ร improvements based on feedback constantly. Also, the Audit Committee always reported the progress to the Board of Directors and ordered the management of the agencies involved to assess the adequacy of internal controls based on the evaluation of internal control of the stock Exchange of Thailand. The evaluation result revealed that the company has good and adequate internal control system.

3. Review of the practice of applicable law, rule or regulations
The Audit Committee has oversight the disclosure of information in a transparent manner and review the compliance of the laws related to its business operations and the law on the Securities and Exchange Commission And the requirements of the stock Exchange of Thailand. Also, the Audit Committee oversight the Management Report on the implementation of the law and regulations relating to the Company annually.

4. Review of internal audit

The Audit Committee has considered and approved the action plan, the annual budget, and supported and promoted the audit department to work independently and to make operations more efficient, so the de partment has a command line directly to the Audit Committee.

5. Review of external auditor’s operation and appointment of the external auditor

The Audit Committee has a meeting with the external auditor to ensure that the auditor are independent and to understand the plan and scope of work of auditors.

The Audit Committee has considered the terms of employment of the external auditor to nominate and select the external auditor of WICE Logistics Public Company Limited for 2017 and will be presenting to the Board of Directors to approve then present to the 2016 General Meeting of Shareholders.

Associate Professor Ruth Banomyong (PhD)
Chairman of the Audit Committee