Sign In
SEC News
SEC instructs CMO to arrange a special audit on issues raised by the auditor



Tuesday 24 October 2023 | No. 195 / 2023


Bangkok, 24 October 2023 – The Securities and Exchange Commission (SEC) has instructed CMO Public Company Limited (CMO) to arrange a special audit on irregular transactions as pointed out by the auditor and submit the special audit report within 30 days. CMO is also required to disclose the results of the special audit through the Electronic Listed Company Information Disclosure System of the Stock Exchange of Thailand (SET). 

Earlier, the Audit Committee of CMO had informed the SEC of the issues raised by the auditor from the audit of the company’s financial statements as follows: an irregular withdrawal of advance payment, a consulting payment without receiving service reports from the contracted party, and the reasonableness of the investment in purchasing additional shares of subsidiaries at the amount of 65 million baht from a juristic person whose shareholders have a close relationship with CMO directors. Such purchase was at a price higher than the book value of the investment.  

Therefore, the SEC, by virtue of Section 58 (3) of the Securities and Exchange Act B.E. 2535 (1992), has ordered CMO to arrange a special audit on such irregular transactions by the auditor of the company or any other auditor working for the same audit firm. The special audit report must be submitted to the SEC within 30 days as from 24 October 2023, and disclosed through the SET Electronic Listed Company Information Disclosure System as well. 

________________________________





Related News

SEC files criminal complaint with ECD against Bitkub Online Co., Ltd. and its former directors for giving false statements, and against the former directors for making false entries in a juristic person’s document to deceive any person
SEC seeks public comments on draft regulations to support transition bonds and Thailand amber bonds to expand sustainability-related debt instrument options
SEC seeks public comments on proposed amendments to strengthen and promote the role of internal auditors for IPO companies
SEC seeks public comments on draft notification on the “Travel Rule for Digital Assets” to strengthen anti-money laundering and prevent cybercrime in line with international standards
SEC instructs DOD to cooperate with auditor and submit rectified interim financial statements

Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 195 / 2023 Tuesday 24 October 2023
SEC instructs CMO to arrange a special audit on issues raised by the auditor

Bangkok, 24 October 2023 – The Securities and Exchange Commission (SEC) has instructed CMO Public Company Limited (CMO) to arrange a special audit on irregular transactions as pointed out by the auditor and submit the special audit report within 30 days. CMO is also required to disclose the results of the special audit through the Electronic Listed Company Information Disclosure System of the Stock Exchange of Thailand (SET). 

Earlier, the Audit Committee of CMO had informed the SEC of the issues raised by the auditor from the audit of the company’s financial statements as follows: an irregular withdrawal of advance payment, a consulting payment without receiving service reports from the contracted party, and the reasonableness of the investment in purchasing additional shares of subsidiaries at the amount of 65 million baht from a juristic person whose shareholders have a close relationship with CMO directors. Such purchase was at a price higher than the book value of the investment.  

Therefore, the SEC, by virtue of Section 58 (3) of the Securities and Exchange Act B.E. 2535 (1992), has ordered CMO to arrange a special audit on such irregular transactions by the auditor of the company or any other auditor working for the same audit firm. The special audit report must be submitted to the SEC within 30 days as from 24 October 2023, and disclosed through the SET Electronic Listed Company Information Disclosure System as well. 

________________________________