Dear Shareholders of Ekachai Medical Care Public Company Limited
The Audit Committee of Ekachai Medical Care Public Company Limited consists of three independent directors which are Dr. Surin Koocharoenprasit as Chairman of the Audit Committee, Mr. Worapol Wiriyakulapong and Mr. Vuthichai Tumasaroj as Audit Committee, All members of the Audit Committee have experience in law, accounting and finance, management and also knowledge of Hospitals. Their qualification were compiled both with Securities and Exchange Commission, Thailand and The stock Exchange of Thailand.
The Audit Committee acts as assigned from the Board of Directors in accordance with duties and responsibilities as defined in “Audit Committee Charter” which complies with guidelines and best practices for Audit Committee of the stock Exchange of Thailand, Re: Qualifications and Scope of Work of the Audit Committee, 2008.
In 2017, the Audit Committee arranged four meetings and arranged a meeting between the Audit committee and the Auditors without management in attendance. The meetings were attended by management as well as the company’s Internal Auditor Department and External Auditor in order to share information, comments and give suggestions which were benefit to administration proposes. The results of each meeting were presented to the Board of Directors of the Company. During past year, the Audit Committee had carried out important activities, which could be summarized as follows.
- In reviewing the financial statements, the Audit Committee has asked for the accuracy and completeness of the quarterly and annual financial statements. With the explanation from the management and auditor, the quarterly and annual financial statements are prepared in accordance with the legal requirements and generally accepted accounting principles before presenting to the Board of Directors.
- In reviewing the internal control system, the Audit Committee in cooperation with the internal auditors has asked for the internal control system. The Audit Committee is of the opinion that the company has adequate and suitable internal controls in the acceptable criteria.
- In reviewing the internal auditing plans, the Audit Committee has asked and considered the internal auditing plans to ensure that the internal auditing plans has been adjusted and been consistent with current situation for more effective work.
- In reviewing the risk management, the Audit Committee has asked risk management plan in order to ensure that the risk has been managed properly in the acceptable criteria. The company has focused and developed Risk Management System, the company has effectively managed the risk in accordance with the company’s target. As the result of reviewing, The Audit Committee is of the opinion that the company has adequate and suitable the risk management.
- In reviewing the related party transactions, the Audit Committee has considered and asked for the transactions that may have conflicts of related party transactions. As the result of reviewing, the majority of the transactions were normal commercial transaction in accordance with good corporate governance.
- The Securities and Exchange Commission Law and Regulations, the Audit Committee has preformed the full scope of authority set forth in the Charter of the Audit Committee in compliance with the Securities and Exchange Commission Law and Regulations.
- In consideration of determining, selecting, nominating and recommending remuneration of annual external auditor for year 2018, the Audit Committee had nominated EY Office Limited, as External Auditor of the company, the audit fee amount of THB 1,500,000. The Audit Committee already presented this proposal to the Board of Directors and will be proposed to the shareholders in the Annual General Meeting for consideration later.
- In conclusion, the Audit Committee has opinion that the financial statements of the company have presented fairly, sufficiently, completely in accordance with general financial reporting standard. The internal control has enough efficiency and effectiveness to control any frauds by separating authorization. The company has operated businesses in accordance with The Securities and Exchange Act, The stock Exchange of Thailand Act or any related laws.
Chairman of the Audit Committee
February 26, 2018