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Audit Committee Report 2016

The Audit Committee of the Provincial Electricity Authority was appointed by the Board
of Directors, Provincial Electricity Authority, from the following three Provincial Electricity Authority
Directors with knowledge, capabilities and experience in business administration, fnance,
government and law :

1. Mr. Prasit Suebchana Chairman, Audit Committee
2. Mr. Danucha Pichayanan Audit Director
3. Mr. Yodphot Wongrukmit Audit Director
The Director, Internal Audit Bureau, functions as Secretary.
In the past, the Audit Committee performed duties in line with guidelines for good practice

set forth in the Operational Handbook for State Enterprise Audit Committees, Revised Edition,
of 2012, State Enerprise Policy Offce, and the Provincial Electricity Authority Offce on the Audit
nd
Committee of the Provincial Electricity Authority of B.E. 2556 (2013 A.D.) and the 2 Edition of
B.E. 2559 (2016 A.D.). Furthermore, the Audit Committee has rendered opinions and provided
straightforward recommendations independently for executives and employees to implement or
carry out effectively in line with regulations which were specifed fairly and transparently with an
emphasis for the Provincial Electricity Authority to have suffcient and appropriate risk management,

internal control and management in various areas with maximum effciency.
In 2016, the Audit Committee convened a total of 14 meetings with executives, internal
auditors and consultants of the Provincial Electricity Authority and the Audit Committee invited the
certifed public accountant (Offce of the Auditor-General of Thailand) to discuss related agendas.
Furthermore, the Audit Committee traveled to inspect work and visit employees at regional

electricity authorities in the Northern Region, the Central Region, the Northeastern Region
and the Southern Region to acknowledge signifcant information of electricity authorities, problems
and obstacles in operations and provide support, recommendations and clear operating guidelines
with reports of meeting outcomes and signifcant results from examining work to the Board of
Directors, Provincial Electricity Authority, on every occasion. The Audit Committee performed
duties within its scope of responsibilities by considering regional electricity authority performance

on several issues which can be summarized as follows :
1. Financial Report Review – The Audit Committee reviewed monthly, quarterly and
annual fnancial statements of the Provincial Electricity Authority and subsidiaries, including
performance, with executives, internal auditors and certifed public accountants (Offce of the
Auditor-General of Thailand) by considering signifcant issues and providing benefcial opinions

to ensure fnancial reports were prepared accurately in signifcant contents with reliability, suffcient
disclosure of information and beneft for fnancial statement users.
2. Risk Management and Internal Control Review – The Audit Committee considered risk
management policies, plans and guidelines of the Provincial Electricity Authority (at the organization
level) to build confdence in the implementation of signifcant risk management plans with ability to
control or reduce potential effects on achievement of the organization’s objectives at acceptable

levels with monitoring and regulation to place suffcient and proper internal control systems in
line with internal control standards.

78 SMART PEA
Annual Report 2016 Provincial Electricity Authority