standards being discussed at the seminar are, among others, the new auditor’s report and the communication of KAM in auditor’s 05 of the audit regulators of non-member countries to equally calibrate the
for quality within the firm” and “human resources” elements, as compared to the results from the 2 or 1 cycle. Meanwhile, the “ethical requirements”, an element of observations and further improvement
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
(2019-2021), the SEC stepped up the inspection on each element to conform with today's changing contexts. More in-depth inspections on the areas containing risks to audit quality and sustainability of
TSQC1 consists of six elements, all of which are important for the system of quality control, deficiencies in one element inevitably affect the working of others and resolving a weakness in one element
formulation of global standards on capital market supervision alongside other prominent member countries. Furthermore, the SEC is also a part of IOSCO Growth and Emerging Market Steering Committee and is
of the European Union (“EU”) member states. This equivalence status has facilitated securities offering of Thai companies in the EU member states since Thai auditors are now exempted from registering
. Prasan Chuaphanich Positions: • Chairman of the Board of Directors, Thai Institute of Directors (IOD) • Committee Member, The Private Sector Collective Action Coalition Against Corruption, Thai Institute
audit firms and the auditors have improved significantly on the overall audit quality and on each element of their firm-level quality control systems, compared to the results from the first-cycle audit
• Expert Member, Securities and Exchange Commission • Member of the Court of Directors, Bank of Thailand Work experience • Auditor General • President, Institute of Certified Accountants and Auditors of