The action follows the revocation of Renaissance FMC’s securities business and derivatives business licenses due to conduct demonstrating a lack of credibility, operational readiness, and serious deficiencies in management and internal control systems. The company’s financial statements contained items that did not exist or were misstated, and the capital maintenance report overstated liquid assets.

The SEC therefore reviewed Ms. Sulalit’s audit work performed for Renaissance FMC and found that she had seriously failed to comply with auditing standards. The deficiencies included:

• Failure to audit foreign bank deposits;
• Failure to audit bank deposits and investments in securities trading accounts;
• Failure to audit capital increases that might have been fictitious capital;
• Failure to audit advance accounts; and
• Failure to audit payroll, consulting fees, and social security contributions.

As a result, Ms. Sulalit failed to detect material misstatements in the financial statements of Renaissance FMC, which constitutes a prohibited characteristic for an auditor in the capital market*.  
Accordingly, the SEC resolved to revoke Ms. Sulalit’s approval as a capital market auditor and determine a six-year period during which her applications for such approval will not be accepted. Since her previous approval had already expired on 4 August 2025, the SEC has set a six-year period starting from 25 October 2025 during which her applications for approval to be a capital market auditor will not be considered.

 Note:

* Failure to comply with auditing standards, subject to the prohibited characteristic of the auditor in the capital market under Clause 16(1) of the Notification of the Office of the Securities and Exchange Commission No. SorChor. 39/2553 Re: Approval of Auditors in the Capital Market, dated 23 September 2010. The clause stipulates: “lack of professional ethics or violation of or non-compliance with the regulations under the Law on Accounting Professions and other additional regulations prescribed by the Law on Securities and Exchange, or aiding or abetting thereof.”