monitor- ing of audit and accounting standards should be overseen by bodies independent of the profession. A strong disclosure system that promotes real transparency is a pivotal part of market-based

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

the Securities and Exchange Act B.E. 2535 (1992), the Derivatives Act B.E. 2546 (2003) and the Trust for Transactions in Capital Market B.E. 2550 (2007). “Institute of Appraisal Profession” means an

6. Audit risks related to developments in the audit firms and profession Tone at the Top / Culture • Potential causes behind lack of improvement in level of inspection findings: fee pressures

professional body responsible for Thai accounting and auditing standards, and for managing their convergence to international standards. Together with the SEC, they also oversee the audit profession. 1 The SEC

DODD-FRANK ACT • Financial crisis revealed behemoth players in financial industry were not overseen by any regulatory authority • Dodd-Frank mandated additional SEC oversight on PE and HF firms JUNE 22

unitary board is overseen by an internal auditor’s body, the principles applicable to the board are also, mutatis mutandis, applicable. As the definition of the term “key executive” may vary among

business2) Legal Profession Fees from litigation against former directors amounting to 16.67 million baht 4. Financial costs were 9.05 million baht, a decrease of 0.68 million baht or 32.14% due to a decrease

15.81 million baht or 18.85 percent, mainly due to expenses in the same period of the previous year Employee termination compensation in the restaurant and catering business and Profession Fees. 4

nationwide to demonstrate opportunities and attractiveness of the accounting profession. Moreover, the SEC worked closely with the TFAC by delegating representatives to participate in various committees and