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
. These efforts are expected to contribute to Thailand’s economic growth and maintain the high-quality standard of the financial reporting of listed companies in Thailand. Additionally, the SEC reinforced a
for the 1ST cycle 1 October 2010 - 31 December 2012 Unit cost and standard cost testing Example 8 : An auditor simply performed an analytical procedure between inventory unit cost for the current year
projects were implemented with the collaboration from the Thailand Federation of Accounting Professions (TFAC). For example, the preparation for the implementation of the International Standard on Quality
individual auditors’ engagement. The overall results of the inspection conducted on 13 audit firms in 2016 during the third cycle, which is between 2016 to 2018, indicated continuous improvement from the
Cycle of Audit Inspection ........................................................ Significant Statistical Information .................................. 02 04 05 08 24 38 40 43 Executive summary High
procedures that are complying with the Thai Standard on Quality Control 1 (“TSQC 1”) in place. During the first cycle, we have noted that some audit firms and their group of network firms tend to have a
listed companies, audit firms’ focus is on the sufficient supply of able auditors and the implementation of and the compliance with the Thai Standard on Quality Control 1 (“TSQC1”), which is equivalent to
inspection results in the 3 inspection cycle (2017-2018); the score in each element of the quality control system of most audit firms was higher than that during the 2 cycle, notably the ‘monitoring’ element
Bangkok, July 8, 2016 ? The SEC Independent Audit Inspection Activities Reports for the second-cycle period during 2013-2015 have shown significant progress in the quality control system of audit