New and revised Thailand Standards on Auditing

The Federation of Accounting Professions released the following new and revised exposure drafts of Thai Standards on Auditing (‘TSA’) for public hearing and comments.

Keywords: Mazars, Thailand, Audit, TSA

10 March 2016

The objectives of the changes to the auditor’s report are as follows:

i. enhanced communication between auditors and investors, as well as those charged with corporate governance;

ii. increased user confidence in audit reports and financial statements;

iii. increased transparency, audit quality, and enhanced information value;

iv. increased attention by management and financial statement preparers to disclosures referencing the auditor's report;

v. renewed auditor focus on matters to be reported that could result in an increase in professional scepticism; and

vi. enhanced financial reporting in the public interest.

TSA 700 (revised) Forming an Opinion and Reporting on Financial Statements
TSA 701 (New) Communicating Key Audit Matters in the Independent Auditor's Report
TSA 705 (revised) Modifications to the Opinion in the Independent Auditor's Report
TSA 706 (revised) Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report
TSA 260 (revised) Communication with Those Charged with Governance
TSA 570 (revised) Going Concern
TSA 720 (revised) The Auditor’s Responsibilities Relating to Other Information

The new and revised drafts are effective for audits of financial statements for periods ending on or after 31 December 2016.

For more information, please read the Federation of Accounting Professions, the Securities and Exchange Commission, and  the International Federation of Accountants.

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