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SEC public hearing on proposed amendment to auditor approval rules to meet current environments



Wednesday 10 February 2021 | No. 27 / 2021


Bangkok, 10 February 2021 – The Securities and Exchange Commission (SEC) is seeking public comments on a proposed amendment to the regulations related to granting approval to auditors in the capital market to alleviate obstacles from imposing certain qualification requirements on capital market auditors that are stricter than necessary to build a regulatory framework that is more in line with the current auditing profession environment. This proposed amendment is part of the regulatory guillotine scheme, which aims to streamline redundant regulations and burdens on the business sector.

This proposed amendment to the regulations on qualifications of capital market auditors aims to facilitate capable auditors’ entry into the capital market to perform audit work and to streamline supervisory rules that could impose excessive burdens on auditors. This regulatory revision would therefore attract sufficient qualified auditors into the capital market to serve the increasing number of listed companies while maintaining audit quality in line with international standards. The essence of the proposed amendment covers the following matters:   

(1)  To reduce the overall audit performance period to be in line with the current average period wherein an auditor is entrusted to be the engagement partner or the auditor affixing signature to express an opinion to financial statements on behalf of the audit firm;  

(2)  To relax the requirement on the number and nature of business whose financial statements must be given an opinion and affixed with the auditor’s signature, as well as to adjust the requirement on experience on affixing signature to express an opinion on financial statements to be more in line with the current auditing environment; 

(3)  To exempt auditors in the capital market who fail to maintain the qualifications as head of audit firm or partner or equivalent position from being terminated as capital market auditor immediately as long as they proceed to rectify and resume the full qualifications within a period specified by SEC. 

The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=696. Stakeholders and interested parties are welcome to give comments and suggestions via the website or email: waraporn@sec.or.th, peerayas@sec.or.th and tharaporn@sec.or.th. The public hearing ends on 9 March 2021. 

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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. 27 / 2021 Wednesday 10 February 2021
SEC public hearing on proposed amendment to auditor approval rules to meet current environments
Bangkok, 10 February 2021 – The Securities and Exchange Commission (SEC) is seeking public comments on a proposed amendment to the regulations related to granting approval to auditors in the capital market to alleviate obstacles from imposing certain qualification requirements on capital market auditors that are stricter than necessary to build a regulatory framework that is more in line with the current auditing profession environment. This proposed amendment is part of the regulatory guillotine scheme, which aims to streamline redundant regulations and burdens on the business sector.

This proposed amendment to the regulations on qualifications of capital market auditors aims to facilitate capable auditors’ entry into the capital market to perform audit work and to streamline supervisory rules that could impose excessive burdens on auditors. This regulatory revision would therefore attract sufficient qualified auditors into the capital market to serve the increasing number of listed companies while maintaining audit quality in line with international standards. The essence of the proposed amendment covers the following matters:   

(1)  To reduce the overall audit performance period to be in line with the current average period wherein an auditor is entrusted to be the engagement partner or the auditor affixing signature to express an opinion to financial statements on behalf of the audit firm;  

(2)  To relax the requirement on the number and nature of business whose financial statements must be given an opinion and affixed with the auditor’s signature, as well as to adjust the requirement on experience on affixing signature to express an opinion on financial statements to be more in line with the current auditing environment; 

(3)  To exempt auditors in the capital market who fail to maintain the qualifications as head of audit firm or partner or equivalent position from being terminated as capital market auditor immediately as long as they proceed to rectify and resume the full qualifications within a period specified by SEC. 

The consultation paper is available at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=696. Stakeholders and interested parties are welcome to give comments and suggestions via the website or email: waraporn@sec.or.th, peerayas@sec.or.th and tharaporn@sec.or.th. The public hearing ends on 9 March 2021. 

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