Audit Section - Doing Business
You will find here a series of summaries providing an overview of useful audit regulations, processes and audit issues for Doing Business in Thailand.
Mid-year risk outlook 2025: What Thailand’s financial services firm must watch
29 August 2025
The Thai financial services sector is entering the second half of 2025 in a state of rapid change. Regulatory reforms, shifting monetary policy, and digital disruption are redefining the competitive landscape. The year began with headline developments, from the Bank of Thailand’s (BOT) announcement of Thailand’s first virtual banks to early signals of monetary easing. Now, the priority is clear: stay ahead of the risks that will define the months ahead.
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.
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.
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.
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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