Independent annual audit

Statutory Audit Services in Thailand

Statutory audit services in Thailand involve an independent examination of a company’s financial statements where an audit is required by applicable rules or the company’s circumstances. WMC can arrange and coordinate the work with a qualified independent Certified Public Accountant; the appointed CPA or audit entity issues the audit opinion.

Discuss Your Audit Requirements

When Is a Statutory Audit Required in Thailand?

Most Thai limited companies are generally required to have their annual financial statements audited by a qualified auditor. The exact requirement should still be confirmed based on the entity’s legal form and circumstances.

For foreign-owned companies, foreign ownership itself does not normally remove an audit requirement that otherwise applies to a Thai limited company. Companies preparing annual financial statements, Thai subsidiaries of overseas groups and businesses changing auditors may need help organizing records and coordinating the independent audit process.

How WMC Supports the Statutory Audit Process

WMC supports coordination and accounting preparation within the agreed engagement. The possible work may include:

Independent CPA and Audit Opinion

The independent Certified Public Accountant or audit entity appointed for the engagement performs the statutory audit and signs the audit report. The audit opinion is issued by that appointed CPA or audit entity, not by WMC Accounting and Tax Co., Ltd.

WMC can arrange or coordinate the process and prepare accounting information within the agreed scope. Accounting preparation and audit coordination are separate from the independent auditor’s professional judgment, testing and audit opinion.

Preparing Accounting Records for Audit

Before an external audit starts, the company may need organized records, reconciliations, year-end schedules and supporting documents. WMC can review the available accounting information and coordinate preparation work within the agreed scope.

Year-end account review and closing support
Bank, receivable, payable and tax-related schedules
Supporting document preparation and organization
Management responses to audit questions
Year-end filing readiness and outstanding-item tracking

For recurring records, see bookkeeping and monthly accounting support or outsourced accounting services. If prior periods are incomplete, an accounting cleanup review may be needed first.

Audit Coordination for Foreign-Owned Companies

Foreign-owned companies and Thai subsidiaries may need English communication between local management, overseas shareholders, the accounting team and the appointed auditor. WMC can coordinate agreed schedules, document requests and management responses for overseas finance teams.

For wider local accounting, tax and corporate requirements, see the accounting and tax support page for foreign-owned companies.

Year-End Financial Statements and Tax Coordination

Year-end financial statement preparation and tax work use related accounting information but have different purposes. WMC can coordinate applicable accounting information with tax compliance support and tax filing services where those responsibilities form part of the engagement.

The audit itself does not replace the company’s tax filing obligations, and tax filing does not replace an independent audit opinion. The required work depends on the company’s activities, registrations and applicable requirements.

Changing Auditor or Taking Over an Existing Audit

Review the position

Confirm the reporting period, current auditor, deadlines, available records and outstanding requests.

Clarify responsibilities

Separate the work of management, the accounting team, WMC and the independent CPA or audit firm.

Organize the handover

Coordinate prior schedules, opening information, PBC requests and communication with the appointed auditor.

Prepare and respond

Prepare agreed schedules, track questions and coordinate management responses within scope.

A business changing auditors may need additional handover or opening-balance work. WMC can review the available information before the transition scope is agreed.

Frequently Asked Questions

What is a statutory audit in Thailand?

A statutory audit is an independent examination of a company’s financial statements where applicable Thai requirements or the company’s circumstances require an audit.

Who signs the statutory audit report?

The appointed independent Certified Public Accountant or audit entity signs and issues the statutory audit report and opinion.

Can WMC arrange a statutory audit?

Yes. WMC can arrange and coordinate statutory audit work with a qualified independent CPA or audit entity, which performs the audit and issues the opinion.

Can WMC prepare accounting records before the audit?

Yes. WMC can prepare or organize agreed accounting records, schedules and supporting documents before or during the independent audit process.

Can WMC coordinate with our overseas finance team?

Yes. WMC can provide English-language communication and coordinate agreed schedules, information requests and management responses.

Can WMC support a company changing its auditor?

Yes. WMC can review the available handover information and coordinate the transition scope with management and the newly appointed auditor.

Do foreign-owned companies in Thailand need a statutory audit?

Usually, yes. Foreign ownership itself does not normally remove an audit requirement that otherwise applies to a Thai limited company. The requirement should still be confirmed based on the entity’s legal form, applicable Thai requirements and other facts.

Preparing for a statutory audit in Thailand?

Tell WMC about your reporting period, current records, auditor and coordination requirements.

Contact WMC