As required by the Thai law, all Thai registered companies, joint ventures, foreign businesses operating in Thailand and other forms of juristic entities are required to have their fiscal year-end financial statements audited by an independent auditor. This audit, sometimes called external auditing, is a kind of audit conducted in accordance with specific laws or generally accepted auditing standards on the financial statements of either a company, government sector, other legal and registered entity or organization. The auditor who conducts the audit must be appointed and independent of the entity that is being audited. The external auditor will then present an independent and fair audit report which is essential for the end-users of audited financial statements such as the entity’s investors, shareholders, financial institutions, government agencies like the Department of Business Development and the Revenue Department and the general public, etc.
With the specific auditing standards being followed, careful planning and professional thinking are required to obtain a reasonable assurance in checking the accuracy and completeness of the financial statements. The procedures also include evaluation of the significant policies and assessment of accounting standards used by the management of the entity specifically how the overall financial statements are presented.
Contact MSNA for your audit needs whether it is an external or internal audit.