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xx Auditing

xx Auditing

Juristic persons have a duty to keep accounts and to close them at the completion of an accounting cycle. Such accounts should be examined and signed by a certified public accountant (CPA) or a tax auditor (TA) for a financial statement certification before delivering them to the Minister of Commerce and the Revenue Department or other relevant government agencies even though there are no business operations.

An annual accounts and financial statement auditing service should be in accordance with a general accounting standard under laws of the Minister of Commerce and the Revenue Department, and provide the following services;

  1. Interim Audit

  2. Internal Audit

  3. Special Audit

  4. Annual financial statement Audit

There should be the certified public accountant (CPA) or the tax auditor (TA) who has considerable expertise in auditing in the companies so that the examination will be in accordance with the general accounting standard and the relevant laws, and so that there is a correct as well as appropriate data in the financial statement. This will increase an efficiency of customers’ business administrations and reduce risks in the business operations.

After the annual audit, the companies should report an evaluation of an efficiency of internal controls in accounting and others specifying weaknesses, shortcomings as well as solutions of the companies’ internal control systems. This should be reported to the companies’ directors since such errors may cause frauds or loss or liabilities to the operations.

Limitation of Auditing

  1. Auditing accounts and financial statement in accordance with the certified accounting standard. For example, procedure of accounting transaction test, internal controls and information disclosure in financial statement. Additionally, examining whether principles of accounting used in the companies are correct and suitable, and predicting important financial transaction.

  2. Reporting the accounting and financial errors to the directors, for example, the shortcomings of the internal controls, the appropriateness of the accounting system, the suggestion of document management system, the frauds that may occur, and other prominent issues affecting the current and future operating performance outcomes.

  3. Making the annual report of an auditor in accordance with regulations of the Minister of Commerce so that the auditor can comment whether the financial statement presenting the companies’ financial position and operating performance outcomes correctly. In case there is a suspicious activity report, the companies should discuss and explain reasons as well as facts of such issues before reporting the audit.

  4. Commerce and the Revenue Department, and providing the relevant documentation.

Bangkok Branch

Empire Tower, 47th Floor

1 South Sathorn Road, Yannawa, SATHORN

Bangkok 10120


Phone: 086-718-7320

Hua Hin Branch

29/273 Soi Hua Hin 58

Hua Hin Subdistrict


Prachup Kiri Khan 77110

Phone: 064-265-5210

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