inventory and cost of sales, and the audit of difficult or complex transactions were among the most prevalent observations. It was noteworthy that some of those observations also shared a trait of
to complete. Moreover, the 2016 inspection results of the auditors’ engagement showed that most findings were in the substantive testing phase, with the audit of revenue, the audit of inventory and the
, and identifying and assessing risk of fraud and response to those risks. Example 4 : The disclosure checklist did not contain current disclosures as required by other regulatory bodies such as the SEC
) valuation and impairment of goodwill and intangible assets 5) investment valuation and impairment 6) inventory valuation 7) accounts receivable 8) Provision 9) litigation and regulation 10) revenue
revisions of further audit procedures after the auditor discovered that sales revenue and inventory stock cards were recorded with different transaction dates. Audits related to fraud risks Although both
issues and accounting transactions completely. In various cases, inspection on auditors’ workpapers led to in-depth inspection concerning fraud and accounting fabrication of listed companies. Following the
cycle were found in the following areas: audit sampling, audits of revenue recognition under percentage of completion method, audits of inventory and cost of sales, and the process of forming an audit
Activity report 2017En CAPITAL MARKET FOR ALL INDEPENDENT AUDIT INSPECTION ACTIVITIES REPORT 2017 INDEPENDENT AUDIT INSPECTION ACTIVITIES REPORT 2017 Executive Summary Quality Assurance Review Panel Activities for Enhancing Financial Reporting Quality Framework and Focuses in 2018 Root Cause Analysis Summary of Audit Inspection Results A. Firm Level B. Engagement Level Essential Statistics 49 4412 46 0402 07 Contents Executive Summary The capital market is a fundamental component in driving Thai...
inventory on lower- margins from sales. Total expenses were Baht 450.0 million, decreased by 5.9% compared to same quarter last year due to measures taken up to control expenses. As a result, the Company
shutdown expenses 38.6 9.4 309.7 82.4 25.2 227.5 Allowance for the decline in value of inventory 1.7 3.9 (56.9) 3.0 5.1 (42.1) Selling expenses 69.7 83.4 (16.4) 142.8 167.1 (14.5) Administrative expenses