Page 47 - Annual report eng 2019

Tycoons Worldwide Group (Thailand) Plc.

10 . Internal control and risk management

10.1 At the company’s Board of Director meeting No.1/2020 on February 24, 2020 which
was attended by the three independent directors and the audit committee members, the board
review the opinion of board of the audit committee and evaluated the internal controls of the
company by asking certain information of management. The board reviewed the company’s
internal controls in five key areas:

(1) Organization and environment;
(2) Risk management;
(3) Management control;
(4) Information technology and communication measures;
(5) Follow-up systems.

After such review, the board members were of the opinion that the company had adequate
controls in place. The company has policies in place to regulate business transactions with major
shareholders, directors and executive management so as to avoid conflicts of interest and to
preserve its best interests. Further, the audit committee was of the opinion that the internal control
system regarding connected transactions with interested parties (i.e. majority shareholders,
directors, management and related persons aforementioned) is sufficient, which opinion was
approved by the Board of Directors

10.2 The report of the audit committee of year 2019 as follows:

The audit committee jointly reviewed the 2019 annual consolidated financial statements
with the certified public accountant for presentation to the board of directors for
acknowledgement; discussed with relevant parties at meetings; reviewed compliance to the
provisions and laws; and deliberated on information disclosure of related items in conformity
with provisions of the Securities Exchange of Thailand.

The audit committee reviewed the consolidated financial statements and has an opinion
that the company prepared financial statements in accordance with generally accepted accounting
standards; adequately disclosed information; maintained regulating and supervisory system;
internal audit and risk management system is satisfactory with no significant discrepancies are
observed.

10.3 Chief of internal auditor of the Company

(1) Name of chief of internal auditor: Miss Huang Tsai - Ting

(2) Opinion of Board of audit committee to the qualifications of chief of internal auditor

Board of audit committee considered the qualifications of education、experience of the chief
of internal auditor who can perform internal audit positions effectively.

(3) Appointment, transfer and dismissal of the chief of internal auditor must be approved by
the Board of audit committee.

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