The Federation of Accounting Professions released the following new and revised exposure drafts of Thai Standards on Auditing (‘TSA’) for public hearing and comments.
The auditor’s report is the key deliverable communicating the results of the audit process. The new and revised Auditor Reporting Standards are designed to enhance auditor’s reports for investors and other users of financial statements.
On 17 December 2013, a new Federation of Accounting Professionals (FAP) regulation was published in the Royal Gazette to limit the number of financial statements that can signed by an auditor in a given year.
What happens if a company finds that an asset on the balance sheet had actually been destroyed two years previously or a project’s work in progress had been wrongly calculated in previous years? Is it possible to recognise the adjustment in the current year’s financial statements or is it necessary to restate the prior year(s)?
Global audit firm leaders believe joint or consortia audits should be considered in an effort to break up concentration of the audit market.