Page 312 - THAILAND PRIVILEGE ANNUAL REPORT 2025

5. Reviewed and approved the scope of work and the annual internal audit plan, as well as supervised
key internal audit activities, as follows:
5.1 Reviewed and approved the scope of work and annual audit plan, and supervised the performance
of the Internal Audit Department, covering internal control oversight and information technology
system audits. This included conducting risk assessments of systems that may give rise to errors,
with the objective of improving and developing the Company’s operational systems. The Audit
Committee also provided recommendations to the Internal Audit Department on areas requiring
improvement to enhance operational efficiency and ensure continuous effectiveness.
5.2 Encouraged the Internal Audit Department to continuously enhance its capabilities by attending
training programs organized by the Institute of Internal Auditors of Thailand, the Federation of
Accounting Professions, and other relevant institutions on an annual basis. This was to strengthen
knowledge of updated professional standards and other relevant areas, which could be applied
to further improve internal audit practices.
6. Reviewed the adequacy and appropriateness of the Company’s internal control systems and control
activities, based on internal audit reports. The Audit Committee emphasized that the Internal Audit Department
closely monitor progress on assigned matters to ensure that management implemented corrective actions and
improvements to internal controls and preventive measures appropriately and within the prescribed timeframe.
7. The Audit Committee performed its duties independently from the executive directors and management
of the Company, with strong emphasis on internal control oversight to ensure that the Company maintained good
corporate governance and an adequate and appropriate internal control system suitable for its business operations.
The Audit Committee regularly reported significant matters to the Board of Directors, based on reports received
from the Internal Audit Department’s performance throughout Fiscal Year 2025.
8. An evaluation of the performance of the Audit Committee for Fiscal Year 2025 was conducted to ensure
that its duties were carried out effectively and efficiently in accordance with the principles of good corporate
governance. The evaluation was conducted through a self-assessment questionnaire for audit committees, in
accordance with the Audit Committee Operating Manual for State Enterprises (2023).
The evaluation results were satisfactory. Based on its performance, the Audit Committee expressed the
following opinions:
8.1 Thailand Privilege Card Co., Ltd. has a credible and effective system of good corporate governance,
and operates in compliance with applicable laws, regulations, and guidelines prescribed by the
State Enterprise Policy Office (SEPO).
8.2 The Company has an overall adequate risk management system and internal control system,
and no material weaknesses in internal control were identified.

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