AUDIT COMMITTEE REPORT PTT Global Chemical Public Company Limited, GC, has appointed the Audit Committee and engages the Internal Audit Function to provide assurance and support to the business activities of GC to assure of good corporate governance, adequate risk management and internal control, and compliance with business-related laws and regulations. The Audit Committee is composed of and with qualifications consistent with the announcement of the Capital Market Supervisory Board, comprising 3 independent directors with in-depth expertise and rich experience in accounting or finance, law, etc. The Audit Committee independently and fairly executes its duties as prescribed by the Audit Committee Charter and as assigned by the Board of Directors, in alignment with the announcement of the Stock Exchange of Thailand and Good Governance practices of the Securities and Exchange Commission. The Audit Committee continues to focus upon the further uplift of quality of internal audit works to enhance the confidence of and create added value for the organization while taking into account the needs of stakeholders in all aspects, namely: Conceptually approve internal audit supervision principles and guidelines, through Assurance services as well as continually promoting the Consulting role in Good Corporate Governance, Risk Management and Internal Control systems that are adequate and appropriate, and support the achievement of domestic and international corporate objectives. Accentuates the continual improvement and uplift of the quality of the internal audit. In 2021, internal audit works have been assessed in quality against International Standards for the Professional Practice of Internal Auditing which required that external independent assessors be engaged every 5 years to perform a quality assessment and deploy recommendations and best practices to improve and uplift the quality of the internal audit. Spotlighting the significance of managing Cybersecurity Risks that could impact the security and stability of the Company’s Information and Operations Technology Management System, through monitoring and assessment for adequacy of control measures and preparations for readiness to handle and respond to probable Cyber threats. Support the utilization of technology in internal audit in preparation for the internal audit transformation via Data Analytics and Detection Rule design to enable timely detection of anomalies in operations. Foster the development of required skills essential for the performance of internal audit via Re-skilling and Up-skilling in Data Analytics and Data Visualization, to increase the capability and potentials of the Internal Audit Function whilst uplifting internal audit quality to add value to the organization. Enhance Corporate Governance to drive the organization towards sustainable growth by advocating the Internal Audit Function’s role in providing assurance and consultation on Sustainability as well as the disclosure of Sustainability information in a transparent and trustworthy manner to all stakeholders. In 2021, 9 Audit Committee meetings were held, from which major activities of the Audit Committee can be listed as follows: 1. Review of financial reports The Audit Committee reviewed material information of the quarterly financial statements and the annual financial statements, including the review of transactions that may pose conflicts of interest among business groups. They also reviewed material issues, special items, and other significant matters that includes the clarification from the auditor and the Management, to ensure that the financial statements are correct, complete and trustworthy and that the disclosure of the notes to financial statements are adequate, useful, and properly meet the financial reporting standards and legal requirements. The Audit Committee thus approved the financial statements–which the auditor has reviewed and audited–without any condition. 188 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2021
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