Year-End Accounting & Statutory Audit Checklist in Thailand

Published: 28 August 2026Last updated: 28 August 2026Prepared and reviewed by WMC Accounting & Tax

Year-end audit problems usually begin before the auditor starts.

Incomplete accounting records, unreconciled balances and missing support create most of the delay. Work through the close in sequence, keep an owner for each open item and send the auditor a labelled package rather than a collection of disconnected files.

1. Complete bank reconciliations

Reconcile every bank account to the ledger at the reporting date. List deposits in transit, uncleared payments, bank charges, foreign-exchange differences and old unmatched items. Each difference needs an explanation and a resolution plan.

2. Review receivables and payables

Agree customer and supplier subledgers to the general ledger. Review aged balances, credit notes after year-end, disputed invoices, long-outstanding deposits and balances with directors or related companies. Obtain confirmations where the audit plan calls for them.

3. Reconcile tax accounts

Compare the ledger to VAT returns, withholding tax filings, certificates issued or received and corporate income tax calculations where relevant. Explain timing differences and unpaid balances. Do not assume a tax return total is correct simply because it was filed; tie it to the underlying ledger and payment evidence.

4. Review fixed assets

Update the fixed-asset register for additions, disposals, transfers and depreciation. Match large purchases to invoices and approvals. Inspect disposals and assets that are no longer in use, and record the reason for any write-off or reclassification.

5. Review accruals, prepayments and deposits

List costs relating to the year that have not yet been invoiced, then document the basis of each accrual. Check prepayments and deposits for the period to which they relate. Reverse or release old items that no longer have support.

6. Confirm intercompany balances

Exchange statements with group companies and agree invoices, funding, interest, settlements, currency translation and cut-off. A difference that is small in one ledger can still be material to the group reconciliation or indicate that one company recorded a transaction in the wrong period.

7. Prepare supporting documents

Use the trial balance as the index. For each material balance, assemble the schedule, reconciliation, source documents and explanation of movements. Include contracts for loans, leases, major customers, suppliers, related parties and unusual transactions.

8. Review unusual or one-off transactions

Make a separate list of asset sales, restructuring costs, shareholder funding, foreign-exchange gains or losses, large reimbursements, related-party charges and transactions posted near year-end. Explain the business purpose, approval, accounting entry and tax treatment.

9. Prepare the audit PBC package

PBC means “prepared by client.” The package normally includes the final trial balance, lead schedules, bank statements and reconciliations, aged receivables and payables, fixed-asset register, tax reconciliations, payroll summary, intercompany confirmations, legal documents and requested confirmations.

Use clear file names and cross-references. If an item is not available, mark it as open and state who is obtaining it and when.

10. Separate accounting preparation from independent audit work

Management and the accounting team prepare complete records, schedules and explanations. The independent CPA performs the audit procedures and signs the audit opinion where appointed. An accountant may coordinate requests and correct ledger issues, but should not describe that work as the independent audit.

See statutory audit and audit coordination for the distinction between the two workstreams.

Year-End Checklist

Area	What to review	Common problem
Bank	All accounts reconciled to the reporting date with old items explained.	Uncleared payments carried forward for months.
Receivables / payables	Aged ledgers, confirmations, subsequent receipts and disputed balances.	Subledger totals do not agree to the trial balance.
Tax	VAT, withholding tax and corporate tax balances tied to filings and payments.	Tax returns filed but not reconciled to accounting.
Fixed assets	Register, invoices, disposals, depreciation and physical existence.	Disposed or unused assets remain on the register.
Accruals / prepayments	Cut-off, service period, calculation and release of old items.	Year-end estimate has no contract or calculation.
Intercompany	Counterparty statement, currency, cut-off and settlement plan.	Each company records a different amount or date.
One-off items	Business purpose, approval, agreement, accounting and tax treatment.	Large entry is posted without a clear explanation.

Before sending the file to the auditor

Lock the version of the trial balance being submitted.
Number or name schedules so they match the PBC list.
Reconcile every bank, tax, receivable, payable and intercompany balance.
Mark unresolved matters with an owner and target date.
Include the agreements and approvals behind material transactions.
Confirm management contacts, signatories and the planned audit timetable.

Official References

Prepare the year-end file before the audit request arrives

Start with the trial balance, bank reconciliations, tax accounts and open-items list. A short review can show which schedules need rebuilding first.

Statutory Audit in Thailand

Audit note: This checklist does not replace the appointed CPA's instructions. The audit scope and required evidence depend on the entity and reporting period.