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
and Exchange Commission Independent Audit Inspection Activities Report Independent Audit Inspection Activities Report for the 1st Cycle 1 October 2010 - 31 December 2012 Introduction Quality Assurance
from the first inspection cycle (2010-2012) to 2019, the first year of the 4th inspection cycle (2019-2021), showed promising overall improvement despite the SEC’s more intensive inspection in several
second-cycle audit inspection with a more robust inspection plan, in response to current audit environment and the deficiencies found during the first cycle. The results, thus far, have shown significant
Cycle of Audit Inspection ........................................................ Significant Statistical Information .................................. 02 04 05 08 24 38 40 43 Executive summary High
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
further appropriate actions to establish consistency in the overall supervision of auditors and audit firms. In the quality control system inspection in 2020, the second year of the 4th inspection cycle
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
: financial report, record of purchases, supplier data, etc. Example of primary activity data is the electricity consumption obtained from actual electricity bills. Example of secondary activity data is the
varying with business cycle influences persistence of earnings. Levels of earnings 12 persistence are dependent on fundamentals determined by the state of macroeconomic conditions. Despite the fact that