Page 247 - PSTC - One Report 2023 (EN)

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Power Solution Technologies Public Company Limited
7. Oversight of Internal Audit
The Audit Committee oversaw the performance of the Internal Audit Department through consideration and approval of the annual internal audit plan to ensure the propriety of the plan as well as its alignment to and comprehensiveness over the internal control system of the Company and Group companies, including its appropriateness towards different phases of business operations. The Audit Committee has considered the internal audit results and ensured that the internal audit plan of the Internal Audit Department was accomplished.
8. Good corporate governance and the Company’s Anti-Corruption
The Audit Committee ensured that the Company’s operations are conducted in accordance with good corporate governance principles while taking into account the interest of related stakeholders as well as supporting anti-corruption guidelines. There are convenient and appropriate channels for receiving complaints and for whistleblowing, and grievance mechanisms in place to ensure fairness to all parties, as well as protective measures to maintain the confidentiality of the complainant or whistleblower. Additionally, the Company has participated in private sector collaborative initiatives against corruption and has been a certified member since May 18, 2018. In 2021, the company underwent certification processes and became a member of the Thai private sector’s collaborative action against corruption (CAC) initiative for the second consecutive time. In 2024, the company is in the process of submitting documents to seek certification and become a member of the Thai private sector’s collaborative action against corruption (CAC) initiative for the third time.
9. Audit Committee’s self-assessment
The Audit Committee conducted a self-assessment of its performance, both on an individual and a committee basis, in order to ensure that its performance was effective and supportive of good corporate governance of the Company as well as to ensure that its composition, qualifications and performance are appropriate within its authority and scope of responsibility. Based on such assessment, it was found that the composition and qualifications of the Audit Committee were appropriate, and the performance was effective and aligned with its authority and scope of responsibility as stated in the Audit Committee Charter.
In conclusion, the Audit Committee fulfilled its duties and responsibilities as stated in the Audit Committee Charter by leveraging its knowledge, caution, prudence, and independence, and provided opinions and recommendations which are constructive and in the interest of the stakeholders in an equitable manner. The Audit Committee was of the opinion that the Board of Directors, executives and employees of all levels of the Company are determined to perform their duties to achieve the goals of the Company in an efficient and professional manner, especially with regards to the importance placed on transparent and auditable operation, proper risk management, and good corporate governance. The Audit Committee opined that the Company has an internal control system that is appropriate, prudent, and sufficient.
On behalf of the Audit Committee
(Dr.Sakul Pochanart) Chairman of the Audit Committee