Report of the Audit Committee PTT Global Chemical Public Company Limited (GC) has appointed the Audit Committee, whom, together with the Internal Audit Function operating in accordance with the Internal Audit Charter, provides support to the activities of Audit Committee as well as promotes GC’s good corporate governance, effective risk management and internal control, compliance with business-related laws and regulations, as well as the disclosure of information and the issuance of the Form 56-1 One Report, to further enhance the trust and confidence of the stakeholders. The Audit Committee consists of three independent directors with in-depth expertise and wide range experience in accounting, finance, law, etc. The Audit Committee independently and objectively executes its duties as prescribed by the Audit Committee Charter and as entrusted by the Board of Directors, in alignment with the announcements of the Stock Exchange of Thailand, the best practice guidelines for the Audit Committee, and the Corporate Governance Code for Listed Companies. The Audit Committee supports to enhance the quality of internal audit to ensure the reliability of internal control system for GC and its subsidiaries as well as to empower the Internal Audit Function to support the operations of the Company in pursuit of the business objectives and to create value for the organization through the activities, considering the maximum benefits of stakeholders. A summary of the key activities of the Audit Committee in 2023 is provided below. Granting approval to the internal audit approach and principles through Assurance and Advisory services in the areas of good corporate governance, risk management, and internal control in order to support the achievement of domestic and international business objectives of GC and its subsidiaries. Supporting the Internal Audit Function in developing internal audit approaches that uplift the quality of the internal audit and add value to the organization, such as a strategy-based auditing approach, as part of the key drivers in supporting the business to achieve GC’s sustainable growth in alignment with its strategic direction. Encouraging the adoption of Data Analytics techniques within the Internal Audit Function to improve the efficiency and comprehensiveness of operational audits by presenting data analysis through Analytics Dashboards and Visualized Reports, which can lead to beneficial recommendations to the business operation, while the Analytics Dashboards can also be utilized to consistently monitor the internal control of key business processes of GC and its subsidiaries. Supporting the Internal Audit Function in expanding the utilization of Advanced Analytics, such as Process Mining and Machine Learning, in key business processes to analyze anomalies that meet pre-defined criteria of the Detection Rules, with the ultimate goal of developing an automated audit system capable of promptly detecting and providing recommendations for internal control improvements in a timely manner. Promoting the continuous development of essential knowledge and skills for the new age internal audit practices among the personnel in the Internal Audit Function and establishing a Competency Development Framework enabling the Internal Auditors to be expertise in specific areas, such as Business Acumen and Digital & Data acumen, and the development of other auditing skills for internal audit professional practices. Highlighting the significance of governance and internal control across both domestic and international companies within GC Group, such as by assigning GC’s internal auditors to conduct audit activities on key internal control processes in collaboration with GC Group’s internal auditors from domestic and international companies and reporting to the Audit Committee regularly; encouraging the Internal Audit Function to develop Internal Control Questionnaires (ICQ) for companies in GC Group to assess the adequacy of internal control to further augment the trust and confidence in their internal control as well as to review anomalies and prevent potential frauds that may occur; and providing recommendations for improving and developing the internal control system to enhance effective implementation and comprehensive coverage of risks across companies 208
RkJQdWJsaXNoZXIy ODg4NTI=