juristic offenders in eight cases and the total remittance of more than 50 million baht as public revenue.  Mr. Somchai Pongpattanasin, SEC Assistant Secretary?General in charge of the Enforcement Division

results of the current inspection cycle in the engagement-level mostly emerged from the lack of sufficient appropriate audit evidence in substantive procedures phase. The audit of revenue, the audit of

. The SEC considers qualifications of securities issuers and supervises the disclosure of information in order for the investors to have sufficient information in making an investment decision

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

evidence during a planning phase and a substantive test phase, especially in the audit of revenue, risk assessment and response to the risk of fraud. In this regard, the SEC will support and closely monitor

comparable, which in turn will enable the users of financial reports to access accurate and sufficient information for making investment decisions Over the years, the SEC has been giving precedence to the

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

trainings. Executive summary 2 On the engagement-level inspections, the SEC has detected deficiencies in certain audit areas such as audits of revenue cycle and substantive analytical procedures. We have

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

their objectives of safeguarding client benefits, enhance their trustworthiness, and maintain overall market integrity, but also reflect their self-discipline which would further reduce chances of law