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Financial
Highlights Statement
of the Audit Committee
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Financial
Highlights Statement
of the Audit Committee
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Statement of the Audit Committee
As part of the application of good Corporate Governance Practices and in compliance with the regulations of the Stock Exchange of Thailand, the Board has appointed an Audit Committee on 25 June 1999 comprising Mr. John B. van der Linden as Committee Chairman, Mr. Ian J. Fawcett and Dr. Siri Ganjarerndee as Committee members with Mrs. Chantana Suebsin, Internal Audit Manager, as the Committee Secretary. The Audit Committee has been in existence from 1st August 1999 and functional since December 1999.
The Audit Committee is empowered by the Board to examine all matters relating to the operation of the Company and its internal and external audit work programmes. These include reviews of the annual and interim financial statements, internal reporting, internal control procedures, accounting and regulatory standards and SET/SEC notifications. It is also empowered to recommend the appointment and fees of external auditors. The Committee reports to the Board on its work.
The Committee first met on 17 December 1999 when it reviewed the draft of the Internal Audit Charter and approved the Internal Audit Plan for the first half of year 2000.
The Audit Committee recommends the Board to propose to the Shareholders to adopt the following resolution: Resolved that Mr. Suchart Luengsuraswat, Certified Public Accountant (Thailand) No. 2807, Miss Somsri Dhanyacheevee, Certified Public Accountant (Thailand) No. 1905 and Mrs. Unakorn Phruithithada, Certified Public Accountant (Thailand) No. 3257 of Price- waterhouseCoopers ABAS Limited be appointed as the Company's auditors, any one being authorised to conduct the audit and express an opinion on the annual financial statements of the Company. In the absence of the above named auditors, PricewaterhouseCoopers ABAS Limited is authorised to identify one other Certified Public Accountant with PricewaterhouseCoopers ABAS Limited to carry out the work.
The proposed fee of Baht 650,000 per annum, excluding out of pocket expenses, is deemed reasonable.
The Committee on 17 February 2000, reviewed the Annual Accounts of the Company for the year 1999 and discussed with the External auditors their observations and recommendation and will ensure the proper follow-up when and where necessary.
The Audit Committee recommends the Board to present the Consolidated and Company Financial statements of the Company for the year ended 31 December 1999 as submitted for adoption by the Shareholders.
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The Post Publishing Public Co., Ltd.2000 |