Financial Reporting 5. Transactions and Trends 6. Audit risks related to audit firms 1. Economic Environment Oil and gas prices : impacting not only oil and gas companies but also others with significant
including the work-from-home cooperation, the SEC adopted a remote approach for inspection of audit firms’ quality control systems, which enabled the SEC to maintain a regular inspection of such systems. In
, both listed companies and audit firms ought to put in place proper work processes and internal controls to ensure the desired outcomes. Listed companies need a suitable internal control system and a well
profession. The audit profession includes, for example: audit firms, professional bodies and bodies or entities associated with the audit profession. Indicators of independence from the profession include: - A
continuously encouraged and monitored the improvements of both the quality of audit firms and that of individual auditors and we have noted that auditors and audit staff who belong to audit firms with effective
, the SEC implements the procedures for increasing the quality of their work on a continuing basis. This includes regular inspection of audit firms’ quality control system and random inspection of
maintains its mission to oversee and develop the quality of auditors in the capital market. The quality control system of the audit firms is regularly inspected, and the audit engagement is randomly selected
efficiency of such oversight. In so doing, the SEC engaged an independent research institute to conduct a comparative study on the oversight of audit firms and auditors in the capital market between the Thai
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
also with its spirit. Engendering such a culture requires a whole- of-government effort to encourage firms to understand the business case for sound corporate governance. One participant pointed out that