Financial reporting and audit oversight
2. Auditor supervision
2.6 Quality Assurance & Review
Increasingly, complicated transactions in the financial market especially those in connection with listed companies and intermediaries such as securities houses have been known to have gigantic impacts even on the global market. To ensure the financial statements of those entities conform to accounting standards, auditing can no longer relies only on individuals but also a team of knowledgeable and competent engagement partner and audit staff working together under a reliable audit quality control system of the audit firm. As such, the auditing must be carried out under the good quality control system both at firm level and engagement level. In response to the aforesaid, the SEC has revised rules on granting approval of auditors in its continuing efforts to enhance audit quality of financial statements of entities under the SEC oversight to ensure confidence on financial reporting disclosed to the public. The SEC requires the auditor in the capital market to attach to the audit firm equipped with audit quality control system. These efforts will support the Thai capital market and Thai accounting professions to gain more investor confidence, both domestic and international, and better facilitate Thai companies in cross-country raising funds.