You will find here a series of summaries providing an overview of useful audit regulations, processes and audit issues for Doing Business in Thailand.

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.

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New Auditors’ Report and Key Audit Matters

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.

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New FAPThai Audit rules aim to improve quality

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.

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Restating a Company’s Prior Year Financial Statements

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)?

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Mazars ask for joint audits to be considered

Global audit firm leaders believe joint or consortia audits should be considered in an effort to break up concentration of the audit market.

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