. EQCRs may lack the necessary technical skills and experiences. Some audit firms may lack the audit manual and audit procedures as required by the auditing standards. Although in the year 2016, the audit
review of selected engagements which were in high-risk industries with focus on review of primary accounts affected by the adoption of new financial reporting standards, matters that required high
inspection cycle (2016 to 2018), audit firms in the capital market established and maintained a system of quality control as required by the Thai Standard on Quality Control (“TSQC 1”). The majority of audit
quality in these areas. The root cause analysis on some audit firms’ continual lack of the ability to fully remediate their deficiencies revealed a scarcity of experienced and competent staff to assume
, effective monitoring of management and be accountable to the company and its shareholders. Moreover, the board is also required to balance the different interests and classes of shareholders, and others. The
transactions or those that required considerable amount of professional judgment, the smaller firms’ shortage was instead at the audit partner level, resulting in some audit partners both holding quite a sizable
public. ESG TRENDS Climate change Water scarcity Tech disruption Healthier lifestyle/longevity Labor scarcity Diversity How does ESG actually affect companies? For illustrative purposes only ESG SHOCKS
investment results. Climate change, water scarcity, community conflicts, resource depletion, supply chain breakdowns, worker well-being and economic inequality, coupled with instantaneous communication, can
attend meetings on relevant topics. Any board member having conflicts of interest in any agenda item is required to declare such conflict in advance and prohibited from participating in the consideration
are subject to change. Unless required by applicable law, CS is not obliged to provide updates on sustainability assessments. Any updates might be subject to a time lag, due to e.g. lack of available