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...
the firm’s audit manual and audit procedures, the lack of understanding in requirement of relevant standards, the lack of competent and skillful personnel, and the inappropriateness of internal
human resources management and development programmes to ensure that the company has adequate staffing and appropriately knowledgeable, skilled, and experienced employees and staff. Principle 1 | 2
interests. At least one of the non-executive directors should be experienced and competent in the company’s main industry. 3.1.2 The board should determine the proper number of directors to function
and would be completed in the similar time periods. This caused work overload and shortage of skilled workers Q4/2018 and into Q1/2019, resulting on cost overrun. Discussion and Analysis of the Company
and would be completed in the similar time periods. This caused work overload and shortage of skilled workers Q4/2018 and into Q1/2019, resulting on cost overrun. Discussion and Analysis of the Company
at a lower fee. This is a temporary measure to promote more entries of knowledgeable and skilled auditors into the capital market. Interested auditors are welcome to apply for approval as capital
regulations specified by the SEC and arrange for IT security audit and a penetration test by a knowledgeable and skilled auditor who is independent from the responsible IT Unit before commencing service
information, in materiality. In this regard, the SEC also filed a criminal complaint against {A} with Thai Royal Police for imparting false statement to the competent officer.Following the SEC investigation to
In cases where the SEC Office considers that it is necessary and expedient, with the applicant’s consent, the competent officer shall be empowered to enter into the place of business or address of such