Page 79 - PEA_AnnualReport_2016

3. Good Governance Review - The Audit Committee considered and pushed for the Provincial
Electricity Authority’s operations for concurrence with laws, rules, regulations, methods of
operation, resolutions of the Council of Ministers, notifcations, directives or other with morals, transparency,
no conficts of interest, corruption, accountability, emphasis on performance in agreement

with ethics and good practice guidelines including responsibility to society and the environment.
4. Internal Audit Bureau Regulation and Development - The Audit Committee emphasized
that the Internal Audit Bureau must have aggressive independent audits in line with annual auditing
plans while also monitoring signifcant issues. The Audit Committee approved the Provincial
Electricity Authority Regulations on the Charter of the Internal Audit Bureau of B.E. 2559 (2016

A.D.), the 5-Year Auditing Plan (2017 – 2021), the Auditing Plan of 2017 and internal audit
handbooks. Moreover, the Audit Committee considered resource suitability for assessing the
performance of Internal Audit Bureau employees, supported internal auditors in self-improvement
to have professional internal audit certifcates and supported anti-corruption policies notifed as
the Internal Audit Bureau’s anti-corruption intention for executives and employees to adhere to
as norms in operations.

5. Discussions with Certifed Public Accountants (Offce of the Auditor-General of Thailand) -
The Audit Committee held discussions without the executive committee and considered auditing
scopes, guidelines and certifed public accountant performance in order to reduce redundancy
in working to help create good understanding and coordination. In 2016, the Provincial Electricity
Authority had a total auditing fee of two million baht.

6. Maintaining the Audit Committee’s Quality – The Audit Committee reviewed and
modifed the Provincial Electricity Authority Regultions on the Audit Committee of the Provincial
Electricity Authority. The Audit Committee assessed performance and performed self-
assessments based on the good practice guidelines specifed by the State Enterprise Policy
Offce, Ministry of Finance. In 2016, assessment outcomes met criteria for outstanding effciency.
The Audit Committee reported performance to the Board of Directors, Provincial Electricity

Authority, Ministry of Interior and the Ministry of Finance.

In conclusion, the Audit Committee renders the opinion that the Provincial Electricity Authority
has suffcient risk management and internal control. Furthermore, the Provincial Electricity
Authority prepared fnancial reports with proper accuracy in signifcant contents in line with

accounting standards by using reasonable accounting policies with suffcieint disclosure of
information, independent internal audits, ability to work consistently with professional internal
auditing standards and the Provincial Electricity Authority properly complied with laws, rules,
regulations and related specifcations, policies and principles of good governance. This helped
the Provincial Electricity Authority to achieve specifed targets with emphasis on the maximum
beneft of the Provincial Electricity Authority and stakeholders.

(Mr. Prasit Suebchana)
Chairman, Audit Committee

SMART PEA 79
Annual Report 2016 Provincial Electricity Authority