at CalSTRS, and it identifies at a high level that we will “engage corporate management to seek information and understanding of the corporate decision and its ramifications on ESG issues.” Our

Re: Determination of the Definitions of Institutional Investor, Ultra-high Net Worth Investor and High Net Worth Investor

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the quality risks in Acceptance and Continuance of Client Relationships and Specific Engagement element that the firm considers as high risk? Please describe the relevant responses to these risks. A.1

of audit firms has been an ongoing challenge, as a result of high turnover rates, coupling with low interests in this profession. With this concern in mind, the SEC and the Association of Chartered

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.Thai Juristic Persons Thai Juristic Persons 543,892.51 1.Short-term Debt Securities Short-term Debt Securities 327,830.07 1.Thai Investors Thai Investors 327,780.07 Institutions 257,599.59 High Net Worth

complex audit engagement which requires high judgment and skepticism to the partner or divisions with limited experiences, resulting in such partner or personnel in that division lacking an appropriate

1 Thai Juristic Persons By Thai Juristic 543,842.49 1.Short-term Debt Securities Short-term 327,780.06 Public Offerings 800.00 Institutions / High Net Worth Investors 262,656.39 Private Placements

securities issuers, financial advisors, auditors, market intermediaries, and stock exchanges. Both market integrity and investor protection could not be achieved without high quality financial information