, the SEC deems it necessary for the audit firms to be self-reliant, which always starts with an adequate supply of competent audit staff who possess thorough understanding of both accounting and auditing
practitioners to become self-regulated community, especially in the oversight of members’ compliance with ethical and professional codes of conduct and imposition of disciplinary actions. The SEC has also
turn, would allow the firms to retain the competent and self-driven audit staff. Though most audit firms have included the audit quality factors as part of employees’ performance evaluation, the SEC
INDEPENDENT AUDIT INSPECTION ACTIVITIES REPORT 2020 SECURITIES AND EXCHANGE COMMISSION, THAILAND Contents Executive Summary 01 04 08 15 28 58 62 70 47 Quality Assurance Review Panel Activities for Enhancing Financial Reporting Quality Summary of Audit Inspection Results A. Firm-Level B. Engagement-Level Root Cause Analysis Framework and Focuses in 2021 Essential Statistics Auditing Landscape in Thailand Executive Summary Over the past year, the Thai capital market experienced tremendous volatili...
accounting standards while auditors must work for audit firms that have a quality assurance system in place. In addition, the SEC encouraged trade associations to expedite its preparation for self-regulation
Property Fund, Infrastructure Fund, and Real Estate Investment Trust (REIT), and the Chairperson of the Working Group on the Consideration of the SEC Approval Criteria for the Self Regulatory Organization in