Internal Audit and Control Services with Forvis Mazars in Thailand

Internal Audit Outsourcing & Co-sourcing Services

Every organisation is unique; as such, the approach and focus of its internal audit and controls function should be tailored accordingly.

We understand that a ‘one-size-fits-all’ approach is not practical.

Organisations must consider the most cost-efficient way of obtaining assurance of the effectiveness of critical processes and internal controls. Forvis Mazars’ specialists provide sector-specific internal audit services in Thailand on an outsourced and co-sourced basis to suit an organisation’s existing arrangements.

Our Services 

At Forvis Mazars, our internal audit and control services are designed to enhance and protect organisational value by providing risk-based and objective assurance, advice, and insight. The service extends across several key areas:

Fully Outsourced and Co-sourced Internal Audit Services 

We offer fully outsourced risk-based internal audit services in Thailand that integrate ITGC, operational, financial, and compliance perspectives. Outsourcing your internal audit function to Forvis Mazars gives you access to a multidisciplinary team without the fixed cost of building one internally. You benefit from sector-specific experience, a consistent methodology, and an independent perspective that carries weight with your board and external auditors.

We also provide internal audit co-sourcing services by supplementing existing internal audit teams with additional manpower. Unlike full outsourcing, co-sourcing keeps your internal audit function intact. Your team retains ownership of the function's direction and relationships with management and the audit committee. We provide the additional capacity, specialist skills, or geographic coverage needed to execute the full audit plan without compromising quality.

This flexibility helps organisations manage and mitigate risks effectively while aligning with internal capabilities and budgetary considerations. Our internal audit and controls services include the external quality assessment (EQA) of the effectiveness of existing internal audit arrangements and reviews of outsourced service providers.

Development and Evaluation of Risk Management Frameworks 

Our corporate audit services in Thailand include developing and refining risk management strategies aligned with your business objectives, and ensuring robust governance and compliance with evolving regulations. This involves developing and assessing risk management and governance functions, as well as risk-based internal audit strategies and audit plans.

Regulatory Compliance and Internal Controls 

We offer regulatory compliance reviews and consultancies, including the Personal Data Protection Act (PDPA), General Data Protection Regulation (GDPR), Sarbanes-Oxley Act (SOX), and J-SOX. With a deep understanding of regulatory landscapes, our team provides comprehensive internal control services, including audits, reviews, and enhancements to ensure compliance with requirements.

Internal Audit for Initial Public Offerings (IPO) 

Our experts conduct internal audits for initial public offerings, providing crucial insights to companies preparing for an IPO, strengthening financial and operational processes, and ensuring compliance with the stringent requirements of publicly traded companies.

Our internal audit for initial public offering services helps companies bridge the gap between their current controls and those needed for a successful listing. We assess the current state of your internal control environment, identify gaps against the standards expected of listed companies, and work with management to design and implement the improvements needed.

Streamlining IT Audit and ITGC Review Processes

Our IT audit services assess the design and operating effectiveness of the controls that govern your technology environment. We provide advice and training on improving internal audit approaches and methodologies, especially in technology-driven companies. Our IT audit services involve reviewing and improving ITGC and internal controls. 

While IT audits are a part of our service offering, we integrate this with a broader audit strategy to optimise efficiency and relevance. Our IT audits focus on aligning technological infrastructure with business objectives, ensuring that IT investments support and advance strategic goals.

IT General Controls (ITGC) assessments are part of this service, where we evaluate the effectiveness of IT systems in safeguarding assets, maintaining data integrity, and operating effectively to achieve the organisation’s goals. Our streamlined approach ensures that IT audits are seamlessly incorporated into the overall internal audit and controls process.

Advantages of Our Outsourcing and Co-Sourcing Internal Audit Services 

Sector-Specific Strategies 

Recognising the challenges across different industries, Forvis Mazars tailors its internal audit strategies to the specific needs of sectors such as financial services, public sector entities, and non-profits. Whether you need outsourcing or co-sourcing internal audit services, we adapt to your required arrangements. We also act as a ‘help desk’ for ad hoc internal audits, risk management, governance, and related queries.

Tailored Solutions

Forvis Mazars customises internal audit services in Thailand for multinational companies to align with corporate strategies, ensuring controls and processes are effectively integrated.

Risk Management

Forvis Mazars offers risk-based internal audit outsourcing and co-sourcing services in Thailand designed to help you manage risk and ensure compliance, providing peace of mind and safeguarding your organisation.

Cost-Efficiency

We prioritise finding the most cost-efficient ways to provide assurance on the effectiveness of critical processes and internal controls.

Value Enhancement

Forvis Mazars’ internal audit services in Thailand focus on enhancing and protecting organisational value through risk-based, objective assurance, advice, and insights.

Know More About Internal Audit Services in Thailand

Forvis Mazars’ internal audit services in Thailand are designed to address the specific challenges modern businesses face, integrating deep industry knowledge with global best practices. Whether you are a local enterprise or a multinational corporation, our tailored services ensure that your internal audit requirements are met with the highest standards of excellence and professionalism.

Forvis Mazars’ unique integrated international partnership structure enables us to offer seamless internal audit and controls services in Thailand and abroad, across divisions and borders, tailoring our services to global corporate bodies and local businesses.

For more detailed information or to discuss your specific internal audit outsourcing or co-sourcing service needs, please contact our experts, Blake or Panida.

Frequently Asked Questions About Internal Audit And Controls Services

Q: What is the difference between internal audit outsourcing and co-sourcing services?

A: Internal audit outsourcing services allow Forvis Mazars to take on full responsibility for the internal audit function on behalf of your organisation. There is no in-house internal audit team; we plan, execute, and report on all internal audit activities. Internal audit co-sourcing services mean that your organisation retains an in-house internal audit team, and we work alongside that team to provide additional capacity, specialist expertise, or geographic coverage. Co-sourcing is typically used when an existing function needs to be supplemented rather than replaced, for example, to cover IT audits, cross-border assignments, or peak-period demand. The right model depends on your organisation's size, risk profile, existing capabilities, and budget.

Q: How can Forvis Mazars’ internal audit support our Initial Public Offering or listing on the SET or mai?

A: Regulators, underwriters, and institutional investors expect companies preparing to list on the SET or mai to have documented, tested internal controls over financial reporting. Internal audit plays a central role in assessing whether those controls are fit for purpose before listing. Our internal audit services for initial public offering evaluate your current control environment against the standards expected of listed companies, identify gaps, and support remediation ahead of the listing timetable. We also help you establish the ongoing internal audit arrangements that listed companies are expected to maintain, including an audit committee charter, an internal audit charter, and a risk-based annual audit plan.

Q: What are IT general controls (ITGC) and why do they matter for internal IT audits?

A: IT general controls are the foundational controls that govern how IT systems are managed, secured, and changed. They cover access management, change management, IT operations, and related processes. ITGC matters for internal audit because the reliability of financial reporting and operational data depends on the integrity of the IT systems that produce them. If ITGC is weak or if changes to applications are not tested before deployment, then the outputs of those systems cannot be relied upon. External auditors assess ITGC as part of their audit of financial statements, and weaknesses in ITGC can have direct consequences for the audit opinion.

Q: Do Thai companies need Sarbanes-Oxley (SOX) Act-style internal controls?

A: Thai companies are not directly subject to the unless they are listed on a US exchange or are subsidiaries of US-listed parent companies. However, the principles behind SOX, such as documented controls over financial reporting, management assessment of control effectiveness, and independent verification, are increasingly reflected in the expectations of Thai regulators, institutional investors, and international counterparties. Companies preparing for an IPO, those with foreign investors requiring comfort on quality of control, and those operating as subsidiaries within multinational groups are all likely to face SOX-equivalent expectations in practice, even without a formal legal obligation.

Q: How often should internal controls and internal audit plans be reviewed?

A: Internal audit plans should be reviewed at least annually as part of the risk-based planning process. Significant changes to the business, such as new markets, acquisitions, system changes, leadership transitions, or shifts in the regulatory environment, may warrant an interim review of both the audit plan and the underlying control framework. Internal controls should be reviewed on an ongoing basis as part of the internal audit program, with a full review of the control framework conducted whenever there is a material change to business processes, systems, or organisational structure.