Statutory Audit Support in Thailand

Contents

Statutory Audit Support in Thailand

When Is a Statutory Audit Required in Thailand?

A Thai limited company must have its annual financial statements audited by a licensed Certified Public Accountant. For other types of entity, the requirement depends on the 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

We provide accounting preparation and audit coordination within the agreed scope. This may include:

• Appointment and audit coordination Coordinate timing, responsibilities and communication with the appointed auditor.
• Audit planning coordination Organize the timetable, information requests and year-end preparation tasks.
• Schedules and supporting documents Prepare accounting schedules and organize audit supporting information.
• Audit document coordination / Track the documents requested by the auditor and coordinate responses within the agreed scope.
• Financial statement coordination Coordinate year-end financial statement information where applicable.
• Management communication Coordinate between management, the accounting team and independent auditor.

Independent CPA and Audit Opinion

The appointed independent Certified Public Accountant carries out the statutory audit, signs the audit report and issues the audit opinion. The opinion is not issued by WMC Accounting and Tax Co., Ltd.

We can arrange or coordinate the process and prepare accounting information as agreed. The independent auditor is responsible for audit testing, professional judgement and the audit opinion.

The licensed CPAs we work with can audit companies that prepare their own books and financial statements or use another accounting firm. To keep the audit independent, they do not audit companies whose books or financial statements WMC prepares. Those companies appoint a different licensed auditor, and we coordinate with that auditor throughout the audit.

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 coordination between local management, overseas shareholders, the accounting team and the auditor. We coordinate the agreed schedules, document requests and management responses for overseas finance teams.

For wider local accounting, tax and corporate requirements, see the accounting and reporting page.

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

1. 01

   Review the position

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

2. 02

   Clarify responsibilities

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

3. 03

   Organize the handover

   Coordinate previous schedules, opening-balance information, documents requested by the auditor (PBC requests) and communication with the appointed auditor.

4. 04

   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.