Bangkok, 2 December 2022 – The Securities and Exchange Commission (SEC) and the Thailand Federation of Accounting Professions (TFAC) today co-hosted a seminar to announce the results of the Value of Audit Research Project and communicate with stakeholders in the financial reporting ecosystem about the importance of audit work and their roles and responsibilities in improving the quality of financial reporting and, by extension, the credibility of Thai financial reporting as a whole.
At the seminar, Prof. Pornchai Chunhachinda, PhD., SEC Board member, gave a keynote address on the topic, “The Importance of ESG Disclosure and the Roles of Auditors towards Sustainability of the Thai Capital Market and Economic Growth.” In addition, the research team from Thammasat University led by Prof. Witawat Rungruangphon and Mr. Weerapong Kitiwong, PhD., presented the results of the Value of Audit Research Project, revealing the main reason why stakeholders or related parties have failed to see the value of audit is because they do not fully understand the roles and responsibilities of auditors. The research team then proposed recommendations to address the issue.
SEC Deputy Secretary-General Mrs. Sirivipa Supantanet said: “The Thai capital market is a major contributor to the development of the economy and auditors, as a key stakeholder, play an important role in the capital market. Yet, some related parties in the capital market do not seem to recognize the value of audit as much as it deserves. Consequently, certain issues have emerged such as audit fee pressure and the lack of auditors. The Value of Audit Research Project is a joint initiative between the SEC and the TFAC with an aim to study the root causes of such issues and propose possible solutions to the problem. To make it work, we need all stakeholders to cooperate. We encourage stakeholders in the financial reporting ecosystem to support our plans and work together to further strengthen the creditability of Thai financial reporting.”
TFAC President Mr. Voravit Janthanakul said: “Auditors are responsible for the audit of financial statements to ensure that they are prepared in accordance with accounting standards. The Value of Audit Research Project aims to promote recognition of the value of audit among stakeholders and support the continuing development and entry of qualified and ethical personnel into the audit profession. This is an important step towards the sustainable development of the economy.”
The seminar also featured a panel discussion on the topic, “Plan for Enhancing the Value of Audit” by Ms. Areewan Aimdilokwong, SEC Assistant Secretary-General, Mr. Winid Silamongkol, Chairman of the TFAC Auditing Profession Committee, and Mr. Pichit Leelaphantmetha, Chairman of the TFAC Accounting Profession Committee. The panelists shared their views on possible approaches to promote stakeholders’ more recognition of the value of audit.
The Value of Audit seminar was organized on 2 December 2022 at Sofitel Bangkok Sukhumvit Hotel. More than 300 related parties and stakeholders attended the event which was broadcast live on the SEC Facebook Page and the TFAC Facebook Page. The seminar was recorded and can be viewed again at: https://fb.watch/h9nDb_hFuD/.
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