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Thai Auditing Standards

Thai auditing standards have a long history. However, now Thai Auditing Standards (TSA’s) follow the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB). IAASB, previously known as the International Auditing Practices Committee (IAPC), is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services, and by facilitating the convergence of international and national standards. Thailand Federation of Accounting Professions (FAP) translates and reviews ISA’s and announces the date each module of the Thai Auditing Standards to be adopted among the Thai auditors. Auditors in Thailand who are also certified public accountants (CPA) need to do their audit work in compliance with the Thai Auditing Standards.

Thai Auditing Standards listed below are the standards that Thai auditors have to comply with when auditing accounts for the fiscal years beginning on or after 1 January 2012.
• TSA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing
• TSA 210, Agreeing the Terms of Audit Engagements
• TSA 220, Quality Control for an Audit of Financial Statements
• TSA 230, Audit Documentation
• TSA 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
• TSA 250, Consideration of Laws and Regulations in an Audit of Financial Statements
• TSA 260, Communication with Those Charged with Governance
• TSA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
• TSA 300, Planning an Audit of Financial Statements
• TSA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
• TSA 320, Materiality in Planning and Performing an Audit
• TSA 330, The Auditor’s Responses to Assessed Risks
• TSA 402, Audit Considerations Relating to an Entity Using a Service Organization
• TSA 450, Evaluation of Misstatements Identified during the Audit
• TSA 500, Audit Evidence
• TSA 501, Audit Evidence-Specific Considerations for Selected Items
• TSA 505, External Confirmations
• TSA 510, Initial Audit Engagements-Opening Balances
• TSA 520, Analytical Procedures
• TSA 530, Audit Sampling
• TSA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
• TSA 550, Related Parties
• TSA 560, Subsequent Events
• TSA 570, Going Concern
• TSA 580, Written Representations
• TSA 600, Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors)
• TSA 610, Using the Work of Internal Auditors
• TSA 620, Using the Work of an Auditor’s Expert
• TSA 700, Forming an Opinion and Reporting on Financial Statements
• TSA 705, Modifications to the Opinion in the Independent Auditor’s Report
• TSA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
• TSA 710, Comparative Information-Corresponding Figures and Comparative Financial Statements
• TSA 720, The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
• TSA 800, Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
• TSA 805, Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
• TSA 810, Engagements to Report on Summary Financial Statements