Page 245 - PSTC - One Report 2023 (EN)

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Power Solution Technologies Public Company Limited
Enclosure 6
Report of The Audit Committee and Sub-Committee 6.1 REPORT OF THE AUDIT COMMITTEE
The Audit Committee of Power Solution Technologies Public Company Limited (the “Company”) was appointed by the Board of Directors of the Company. The Audit Committee consists of three Independent Directors with varied areas of expertise, including adequate expertise and experience to review the credibility of the financial statements. The Audit Committee comprises committee members whose traits and qualifications meet the requirements of the Stock Exchange of Thailand and the Notification of Capital Market Supervisory Board, as follows:
1. Dr.Sakul Pochanart
2. Mr. Vorapong Jamjod
3. Mr.Tanadit Charoenchan
Chairman of Audit Committee Member of Audit Committee Member of Audit Committee
With Miss Thanaporn Thepwong , serving as the Secretary of the Audit Committee (Resigned on December 9, 2023)
All members of the Audit Committee carried out their duties independently within the scope of responsibility stated in the Audit Committee Charter, which is in alignment with the regulations of the Stock Exchange of Thailand. The audit was performed, and corporate governance was promoted, while a risk management system was put in place, and the adequacy of the internal audit and internal control system was assured so as to ensure that the Company runs its operations with transparency, honesty and fairness to achieve sustainable development and enhance its value, which would be beneficial to shareholders. The Audit Committee received full cooperation from executives, employees, internal auditors, and external auditors.
In 2023, the Audit Committee held a total of five meetings, with all meetings attended by all Audit Committee members to constitute a quorum, there was also 1 joint meeting with the auditors without management present, to perform duties as stated in the Audit Committee Charter, the essence of which are summarized as follows:
1. Review of financial statements
The Audit Committee conducted a review of the quarterly and annual financial statements as well as the consolidated financial statements, including related party transactions. The auditors were asked about the scope of the audit, the audit plan, accuracy and completeness of the financial statements as well as the independence of the auditors, and clarifications on significant issues were provided from both the auditors and the Company’s executives, in order to ensure that the financial statements were prepared in a correct manner in compliance with the laws and generally accepted accounting principles whereby the financial statements were disclosed in a complete, correct, adequate and timely manner for the interest of their users. In addition, the Audit Committee monitors new Thai Financial Reporting standards to ensure that the Company will be able to implement such changes in the preparation of the financial statements in a timely manner.