Page 311 - THAILAND PRIVILEGE ANNUAL REPORT 2025

Annual Report 2025

Overall Assessment Results: Overall, the Company has established an internal control system that
fully covers all five components in accordance with the Ministry of Finance’s Regulations on Standards and Criteria
for Internal Control Practices for Government Agencies B.E. 2561 (2018). The internal control system is adequate,
effective, and efficient, enabling the Company to achieve its operational objectives as intended. However, there are
certain areas that require ongoing monitoring and evaluation in fiscal year 2026. Accordingly, improvement measures
and action plans have been defined for the following matters:
1. Revenue from membership card sales in line with the targets set by the Company.
2. Recruitment and capability development of personnel to ensure alignment with the Company’s strategic
direction.
3. Information systems or databases that support collaboration between Thailand Privilege Card Company
Limited and key stakeholders.

9. Report on Internal Audit Operations
The Audit Committee of Thailand Privilege Card Company Limited comprises independent directors who
possess appropriate knowledge, expertise, experience, and qualifications in accordance with the Audit Committee
Charter. The Company’s Board Advisor serves as the Audit Committee Advisor, and the Director of Internal Audit acts
as the Secretary to the Audit Committee. Members of the Audit Committee and the Advisor have no involvement
in the Company’s management, and none hold executive, employee, or staff positions within the Company.
Throughout fiscal year 2025, the Audit Committee performed its duties and responsibilities in accordance
with the scope prescribed under the Audit Committee Charter approved by the Board of Directors. The Committee
also complied with the Audit Committee Operational Guidelines for State Enterprises B.E. 2566 (2023) issued by
the State Enterprise Policy Office (SEPO), Ministry of Finance. These responsibilities included reviewing corporate
governance practices, reviewing financial statements, assessing the adequacy and effectiveness of the internal
control system, continuously improving internal control mechanisms, and closely overseeing the operations of
the Internal Audit Department.
In addition, the Audit Committee provided opinions and recommendations to the Board of Directors
regarding the appointment of the Company’s external auditor, as well as the appropriateness of audit fees.
The Audit Committee recognizes its duties and responsibilities in ensuring that the Company operates
efficiently, transparently, and in compliance with the policies set by the Board of Directors. All processes must be
verifiable at every stage, with the objective of continuously strengthening good corporate governance practices for
the maximum benefit of shareholders and all stakeholders.
During fiscal year 2025, the Audit Committee convened a total of eight (8) meetings. In certain meetings,
coordination was made with relevant departments to implement corrective actions and improvements based on
the Committee’s recommendations. The relevant units acknowledged and cooperated fully in addressing identified
issues and in establishing preventive measures to avoid recurrence. This reflects the strong commitment of
the Company’s personnel to continuously enhance organizational systems and operational effectiveness.

Key Performance of the Audit Committee for Fiscal Year 2025
1. Reviewed the annual financial statements for the year ended 30 September 2024 and the quarterly
financial statements for fiscal year 2025 prior to submission to the Board of Directors for approval.
2. Held private joint meetings between the Audit Committee and the external auditor in accordance with
prescribed guidelines to consider the auditor’s recommendations regarding the Company’s internal control system
and to discuss relevant matters, without the presence of management.
3. Considered the appropriateness and independence of the external auditor, ensuring compliance with
professional standards and relevant regulatory requirements, as well as reviewing and providing opinions on the
appropriateness of audit fees.
4. Oversaw the Company’s operations in accordance with the principles, rules, and guidelines on good
corporate governance as prescribed by the State Enterprise Policy Office (SEPO). The Audit Committee strictly and
continuously adhered to such guidelines and assigned the Internal Audit Department to conduct audits in order to
provide reasonable assurance that the Company consistently complied with good corporate governance practices,
thereby further strengthening the Company’s governance framework.

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