Bangkok, 12 January 2024 – The Securities and Exchange Commission (SEC) is seeking public comments on the proposed drafted to the regulations concerning the approval process for a capital market auditor, which impose requirements for information technology governance and auditing of audit firms by IT specialists to ensure that risk management in the use of information technology in audit firms is effective by following standardized guidelines.

On October 27th, 2022, the SEC conducted a public hearing to gather comments and suggestions on the proposed principle to the regulations governing the requirement for audit firms to conduct information technology auditing by IT specialists, the most respondents agree. The SEC has drafted relevant regulations by taking into consideration the respondents’ comments and recommendations received including the requirements’ details, and the effective implementation timeline. This revision aims to enhance the regulations' appropriateness and flexibility, aligning them with the feedback received while mitigating unintended consequences.

The SEC is, therefore, seeking public comments on the drafted regulations*. The primary proposed regulations include requirements for information technology governance and auditing by IT specialists. It also outlines the timeline to submit the IT audit report and IT Risk Assessment results, which must be approved by the head of audit firms and submitted to the SEC within 5 months after the IT audit period, unless a waiver is granted by the SEC. The transitional period will end on May 31st, 2027, and the next submission depends on the IT Risk Assessment (ITRA) result of individual audit firms.

The consultation paper is available at www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=965. Stakeholders and interested parties are welcome to submit comments and suggestions through the website or email: AuditOversight@sec.or.th The public hearing ends on 9 February 2024.

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Remarks:
* The Notification of the Office of the Securities and Exchange Commission No. Sor Shor. 39/2553 Re: Granting of Approval for Auditors in the Capital Market dated 23 September 2010.