3 Valuation of financial instruments in the statements of financial position For disclosures related to financial instruments and fair values, refer to notes 7 to the financial statements. The key audit matter How the matter was addressed in the audit As at 31 December 2021, financial assets measured at fair value in the consolidated and the Bank only financial statements amounted to Baht 188,563 million and Baht 188,563 million, respectively. Financial liabilities measured at fair value in the consolidated and the Bank only financial statements amounted to Baht 7,032 million and Baht 7,032 million, respectively. Of these amounts, as at 31 December 2021, financial assets and liabilities designated at level 2 and 3 fair value in the consolidated financial statements amounted to Baht 188,366 million and Baht 7,032 million respectively, and in the Bank only financial statements, they amounted to Baht 188,366 million and Baht 7,032 million respectively, for which the fair value is based upon inputs other than quoted price in active markets or valuation techniques incorporating those inputs. Therefore, judgment is applied in the estimation of fair values. The use of different valuation techniques and assumptions could produce different estimates of fair value. Accordingly, it is considered a Key Audit Matter. In planning my audit procedures I performed a risk assessment by considering the factors which could affect the fair value of financial instruments, both in terms of the inputs used for valuation and the appropriateness of valuation techniques applied. For financial instruments, I sampled to check for selected pricing inputs that were externally sourced and were correctly input into pricing models. I and my own valuation specialists assessed that the models and assumptions were appropriate and valued a selection of the Group’s and the Bank’s equity securities, debt securities, and derivative positions and compared their valuation to the Group’s and the Bank’s valuation on a sample basis. I assessed the adequacy of the disclosure in accordance with Thai Financial Reporting Standards. Emphasis of Matter I draw attention to Note 4 which describes of the entire business transfer from Thanachart Bank Public Company Limited to TMBThanachart Bank Public Company Limited on 3 July 2021. My conclusion is not modified in respect of this matter. Other Information Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated and the Bank only financial statements and my auditor’s report thereon. The annual report is expected to be made available to me after the date of this auditor's report. My opinion on the consolidated and the Bank only financial statements does not cover the other information and I will not express any form of assurance conclusion thereon. In connection with my audit of the consolidated and the Bank only financial statements, my responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the consolidated and the Bank only financial statements or my knowledge obtained in the audit, or otherwise appears to be materially misstated. 247 Form 56-1 One Report 2021
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