Revised TSA to affect auditors’ reports

Under the new and revised Thai Standards on Auditing (“TSA”), auditors are required to communicate key audit matters in auditors’ reports for listed entities. The changes will increase transparency and enhance the value of information set out in financial reporting, which will be beneficial for both those using the reports and the general public.

Keywords: Mazars, Thailand, Accounting, Thai Standards on Auditing, TSA, NPAEs

The new and revised TSA include the following: 

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

Setting out key audit matters will not be required in auditors’ reports on Non-Publicly Accountable Entities (NPAEs). However, there are some changes in the structure of such reports.

The revised TSA are effective for audits of financial statements for the period ending on or after 31 December 2016.

For more information, please visit our website and Federation of Accounting Professions