Sign In
กฎเกณฑ์

​​​​​​​​​​​​​ารกำกับรายงานทางเงินและผู้สอบบัญชี



2. การกำกับดูแลผู้สอบบัญชี


2.8 Handbook for approval of foreign auditors 


2.8.1 Introduction​

Whereas Section 61 Section 89 and Section 199 of the Securities and Exchange Act B.E. 2535 (1992) and the Notification of the Capital Market Supervisory Board relating to the Rules, Conditions and Procedures for Disclosure regarding Financial and Non-financial Information of Securities Issuer stipulate that the auditor who audits and certifies financial statements of foreign entity whose securities are publicly offered in Thailand market must be approved by the SEC. Therefore, the SEC hereby issues the regulations on approval of foreign auditors in the Capital Market as follows;

Foreign auditors who wish to be approved from the SEC shall file the application form together with supporting documents as per checklists to the SEC. In considering the application, the SEC has two approval systems as follows;

(1) Fast Track: auditors who

a) are under supervision by an audit oversight authority that has same auditor oversight standard as that of the SEC, and

b) have experience in auditing and certifying financial statements of entities whose ​securities are publicly traded in main board of foreign stock exchange, shall be granted the approval as foreign auditors in the capital market withoutfull inspection prior to approval. 

​(2) ​​Normal: auditors who do not meet the Fast Track qualifications will be inspected by the SEC ​prior to approval. The inspection may include, but not limited to

a) ​​checking the basic individual qualifications of the applicant i.e. having extensive audit ​              experience, holding a CPA license, not possessing prohibited characteristics and                      rohibited behaviors,​

b) ​inspecting audit works performed by the applicant to ensure the compliance with the                  ISAs, and

c) ​​inspecting the audit firm's quality control system to ensure compliance with the ISQC 1.


2.8.2 Checking whether applicant's qualification meet with Fast Track Approval Conditions

Foreign auditor to be approved by the SEC under fast track approval system shall hold all of the following qualifications;

  1. being an auditor who, in accordance with foreign laws, is eligible to perform audit and certify financial statements of a foreign entity whose securities are publicly traded in the main board of a foreign stock exchange, and have experience relating to the audit of such foreign entity.

  2. being under supervision of following regulators;

 i. an independent audit regulator who is a member of the International Forum of Independent

            Audit Regulators (IFIAR), or

 ii. an independent audit regulator of the EU Member States or third countries whose audit

             oversight system are recognized by the European Commission as equivalence to that of 

             the EU Member States, or

 iii. an independent audit regulator of a country that has been assessed under the Financial

             Stability Assessment Program (FSAP) and earned the assessment results on the topic

             relating to auditing at least “broadly implemented" level


2.8.3 Approval Process 

      1. Qualifications of approved auditor (Refer to clause 6(1) and Clause 7)

          (1) being an auditor who, in accordance with foreign laws, is eligible to perform audit and certify

               financial statements of a foreign entity whose securities are publicly traded in the main board                   of a foreign stock exchange, and have experience relating to the audit of such foreign entity

          (2) being under supervision of following regulators;

​​i) an independent audit regulator who is a member of the International Forum of Independent Audit Regulators (IFIAR), or 

ii) ​​an independent audit regulator of the EU Member States or third countries whose audit oversight system are recognized by the European Commission as equivalence to that of the EU Member States, or 

iii) an independent audit regulator of a country that has been assessed under the Financial Stability Assessment Program (FSAP) and earned the assessment results on the topic relating to auditing at least “broadly implemented" level 


      2. Filing an Application 

​Foreign auditors wishing to file an application for approval with the SEC must file the                      following forms and documents;

    1. ​​Form 61-1F Application for registration as a foreign auditor in the capital market. Signature    of the applicant is required.

    2. Applicant's personal record and firm's profile in the form as publicized in the SEC's website. Signature of the applicant is required.

    3. Certification of auditor's professional qualification in the form as publicized in the SEC's      website. Signature of the applicant is required. 

    4. Certification of audit firm's leader. Signature of audit firm's leader is required.

    5. Form 61-2F Certification and consensus of audit firm in the form as publicized in the SEC's website. Signatures of audit firm's leader and authorized director are required.

    6. Photocopy of the applicant's passport. Signature of the applicant to certify true copy is required.

    7. Photocopy of an evidence of certified public accountant. Signature of the applicant to certify​true copy is required.

    8. Photocopy of an evidence of registration as an auditor with an audit oversight authority. Signature of the applicant to certify true copy is required.

    9. Photocopy of the latest inspection result or report issued by the audit oversight authority. ​Signature of the applicant to certify true copy is required.

    10. Photocopy of evidence of your audit firm's registration with corporate registrar and shareholders' list. Signatures of the audit firm's leader and authorized director are required every page.

    11. ​Photocopy of financial statements of audit firm for the 3 recent years before filing the application. Signatures of the audit firm's leader and authorized director with audit firm's seal (if any) are required every page.

Both application form and supporting documents must be in Thai or English language. The certified translation is also needed for documents that were translated from language other than Thai or English.


​Send complete and signed forms and supporting documents to Audit Oversight Department

The Securities and Exchange Commission, Thailand

333/3 Vibhavadi-Rangsit Road, Chomphon, Chatuchak Bangkok 10900, Thailand

Tel. +66 2695 9999 or +66 2695 9587

Fax.  +66 2695 9793

​e-mail : oca@sec.or.th


      3. Approval Process

    1. ​​​The SEC will notify the applicant within a reasonable time period whether the application form and supporting documents are complete or not. If there is any incomplete application form or supporting documents, the applicant must submit additional documents to the SEC within a  period indicated by the SEC, otherwise, the SEC will conclude that the applicant does not intend to file the application. If the application form and supporting documents are complete and correct, the applicant is required to pay an application fee of Baht 50,000.

    2. In considering the application, the SEC will verify the information as described in the application form and supporting documents. The process may include, but not limited to,  requesting information from the audit oversight authority that the applicant registers with, or requesting the applicant for more information or clarification.

    3. The SEC will notify the applicant of the result of its consideration within 30 days from the date on which the verification process has been complete.

      4. Approval Period

          The approval period is not more than two years. Applicant has to renew the approval if he/she   

          wishes to and has to file application and supporting documents in advance before the end of

          approval period.


     5. Post-Approval Duties

        Complying with the specified rules:

    1. ​​performing audit works with accountability in accordance with the professional code of ethics, professional standards, and other additional regulations prescribed by the law governing securities  and exchange,

    2. preparing a summary of types of auditor's report in a specified form [Form 61- 4F],

    3. providing explanation or submitting any other information or taking any other necessary actions as  requested by the SEC,

    4. notifying the change of the audit firm as per Form 61-3F provided on the website of the SEC within  30 days as from the last day of serving the previous audit firm.​

      6. Termination of Approval​

    1. ​​auditor notifies the SEC of the intention to terminate from an SEC approved auditor,

    2. auditor cannot maintain the qualifications, or

    3. approval is revoked or suspended for the remaining approval period.

        7. Sanctions

         ​  The SEC may revoke or suspend the approval of the foreign auditors when

a. ​​foreign auditors cannot maintain their qualifications, or

b. foreign auditors violate the professional code of ethics or international auditing standards, and the violations lead to negative effect to the overall reliability of the Thai Capital Market.


1. Qualification of approved auditors (Reference to clause 6(2) and Clause 8)

             Individual Qualifications

    1. ​​being a certified public accountant whose license is still valid,

    2. being a leader of an audit firm or equivalent or being a partner of an audit firm or equivalent, 

    3. having audit experience for a period not less than 10 years,

    4. having been a signing partner or equivalent roles for the period not less than 3 years during the 5 years prior to the date of filing the application with the SEC or

      a. having been a signing partner or equivalent roles for the period not less than 2 years during the  5 years period prior to the date of filing the application with the SEC, and having been in the final supervision or review role for the period not less than 4 years, totaling 6 years, or
       

      b. having been a signing partner or equivalent roles for the period not less than 1 years during the 5 years period prior to the date of filing the application with the SEC Office, and having beenin the final supervision and review role for the period not less than 5 years, totaling 6 years, 

    5. having been a signing partner or other equivalent roles in the audit financial statements of at least 3 entities, in the year prior to the date of filing the application with the SEC, 

    6. being attached to only one audit firm and such audit firm shall have the characteristics as​prescribed by the SEC, and

    7. not possessing any prohibited characteristics or prohibited behaviors as prescribed by the SEC.


​​​Audit Firm Qualifications

  1. ​having audit quality control system which is sufficient and reliable for supervising its
    auditor's work in compliance with the professional standards on a continuous basis. Such audit quality control system shall comply with the international standard on quality control established by the International Federation of Accountants (ISQC 1), and

  2. having at least 5 audit staff who have minimum academic qualification of a bachelor's degree  who shall work full-time for the audit firm, and at least 2 audit staff shall have a certified public accountants license

    

2. Filing an Application

​Foreign auditors wishing to file an application for approval with the SEC must file the following forms  and documents:

  1. Form 61-1F Application for registration as a foreign auditor in the capital market. Signature of the applicant is required   

  2. Applicant's personal information in the form as publicized in the SEC's website. Signature of the applicant is required

  3. Audit firm's profile in the form as publicized in the SEC's website. Signatures of the audit firm's  leader and authorized director and company's seal (if any) are required every page

  4. Certification of auditor's professional qualification in the form as publicized in the SEC's website. Signature of the applicant is required.

  5. Certification of audit firm's leader. Signature of the audit firm's leader is required.

  6. Form 61-2F Certification and consensus of audit firm in the form as publicized in the SEC's website. Signatures of the audit firm's leader and authorized director are required 

  7. Photocopy of the applicant's passport. Signature of the applicant to certify true copy is required

  8. Photocopy of an evidence of certified public accountant. Signature of the applicant to certify true  copy is required

  9. Photocopy of an evidence of registration as an auditor with an audit oversight authority. Signature of the applicant to certify true copy is required

  10. Photocopy of the latest inspection result or report issued by all of the following parties (if any);

      - ​​the audit oversight authority
      - professional body
      - ​network firm
      - firm's internal monitoring

        Signature of the applicant to certify true copy is required.​

  11. Photocopy of evidence of your audit firm's registration with corporate regist​​rar and shareholders' list. Signatures of the audit firm's leader and authorized director are required every page.

  12. Photocopy of financial statements of audit firm for the 3 recent years before filing the application. 
    Signatures of the audit firm's leader and authorized director and company's seal (if any) are  required every page. 

    Both application form and supporting documents must be in Thai or English language. The certified translation is also needed for documents that have been translated from language other than Thai or English.

​​Send completed and signed forms and supporting documents to Audit Oversight Department

                 The Securities and Exchange Commission, Thailand

                  333/3 Vibhavadi-Rangsit Road, Chomphon, Chatuchak Bangkok 10900, Thailand

                  Tel. +66 2695 9999 or +66 2695 9587

                  Fax. +66 2695 9793

                  e-mail : oca@sec.or.th​

     3. Approval Process

    1. ​​The SEC will notify the applicant within a reasonable time period whether the application form and supporting documents are complete or not. If there is any incomplete application form or supporting documents, the applicant must submit additional documents to the SEC within a  period indicated by the SEC, otherwise, the SEC will conclude that the applicant does not  intend to file the application. If the application form and supporting documents are complete and correct, the applicant is required to pay an application fee of Baht 200,000.

    2. In considering the application, the SEC will verify the information as described in the application form and supporting documents.  The process may include, but not limited to,

      • ​​​​​confirm with a foreign audit oversight authority and/or professional body that the applicant has registered with about the qualifications of the applicant,

      •  review audit works of the applicant whether it is in compliance with the ISAs,

      • inspect audit quality control system of the audit firm that the applicant is attached with whether such system is in accordance with the ISQC1, ask the applicant for clarification on any issues found from the review of the audit works and inspect of the audit quality control system.​

    3. The SEC will notify the applicant of the result of its consideration within 120 days from the date on which the complete documents and evidence have been received.​


     4. Approval Period

         The approval period is not more than two years. Applicant has to renew the approval if he/she

         wishes to and has to file application and supporting documents in advance before the end of

         approval period.


     5. Post-Approval Duties

        (1) Complying with the specified rules:

    1. ​​performing audit works with accountability in accordance with the professional code of ethics, regulations under the law governing accounting professions, and other additional regulations prescribed by the law governing securities and exchange,

    2. preparing a summary of types of auditor's opinion in a specified form [Form 61-4F], and

    3. providing explanation or submitting any other information or taking any other necessary actions as requested by the SEC.

    4. notifying the change of the audit firm as per Form 61-3F provided on the website of the SEC within 30 days as from the last day of serving the previous audit firm. 

        (2) Additional duties of audit firm's leader:

    1. ​​performing audit works with accountability in accordance with the professional code of ethics  and regulations,

    2. maintaining audit quality control system in compliance with International Standards on Quality Control 1 (ISQC 1),

    3. monitoring audit partners' work to ensure its compliance with the professional code of ethics, regulations under the law governing accounting professions, and additionalregulations prescribed by the law governing securities and exchange,

    4. cooperating with and facilitating the SEC in inspecting the audit quality control system, and

    5. providing explanation or submitting any other necessary information or taking any other necessary actions as requested by the SEC.

      6. Termination of Approval

           (1) auditor notifies the SEC of the intention to terminate from the SEC approved auditor,

           (2) auditor cannot maintain the qualifications,

           (3) audit firm cannot maintain the qualifications,

           (4) auditor possesses any prohibited characteristics, or

           (5) the approval is revoked or suspended for the remaining approval period by the SEC.


       7. Prohibited characteristics

(1) being put under receivership by the court's order; or being an insolvent, incompetent or quasi-incompetent person, 

(2) being or having been suspension of CPA license during the past three years, unless the reason of suspension is the same as of the SEC's sanction, 

(3) having been revocation of CPA license, unless the CPA license has been re-granted for 3 years  before filing the application, 

(4) being suspension or revocation of approval as an auditor in the capital market or whose application being suspended from the SEC's consideration, 

(5) being named in a complaint by the SEC or a regulatory body of financial institutions or subject to any legal proceedings following such criminal complaint or having been sentenced to imprisonment by the court's final judgment except in the cases where the term of imprisonment or the suspension of sentence has lapsed for a period of not less than 3 years in connection with the commission of the following offences;

  1. ​dishonest acts in relation to accounting professions,

  2. an offence regarding documents or accounts as specified by Section 312 of the Securities and Exchange Act of 1992,

  3. an offence regarding performance of audit work as specified by Section 287 of the Securities  and Exchange Act of 1992, or 

  4. an offence regarding unfair practices in securities trading.

      8. Prohibited behaviors

(1) ​lack of professional ethics or violation of or non-compliance with the regulations under the law governing accounting professions and additional regulations prescribed by the law governing securities and exchange, or aiding or abetting thereof, 

​​​(2) intentionally presenting false statements in material matters, or concealing material facts that should have been stated in any documents subject to be disclosed to the public or filed with  the Securities and Exchange Commission, the Capital Market Supervisory Board or the SEC  Office;  or aiding or abetting thereof, or

        (3) dishonest or deceitful acts; or aiding or abetting thereof.

​​If the aforesaid behaviors occurred more than 10 years ago or such behavior is not so serious that the person should not be entrusted to perform duty as auditor of businesses in the capital market, the SEC may disregard such facts as a cause for consideration of prohibited characteristics of such auditor.​


      9. Termination of Approval

           (1) auditor notifies the SEC of the intention to terminate from an SEC approved auditor,

           (2) auditor or the audit firm cannot maintain the qualifications,

           (3) auditor possesses any prohibited characteristics, or

           (4) the approval has been revoked or suspend​ed for the remaining approval period.​


2.8.4 Relevant laws and regulations 

  • Section 61 Section 89 and Section 199 of the Securities and Exchange Act B.E. 2535 (1992) 

  • The Notification of the office of the Securities and Exchange Commission No. SorShor. 30/2558 Re: Approval of Foreign Auditors in the Capital Market   Thai / English   

  • The Notification of the office of the Securities and Exchange Commission No. SorShor. 39/2553 Re: Approval of Auditors in the Capital Market  Thai / English   

  • The Notification of the office of the Securities and Exchange Commission No. SorShor. 9/2558
    Re: Approval of Auditors in the Capital Market (No. 2)  Thai / English 

  • The Notification of the office of the Securities and Exchange Commission No. SorMor. 29/2558
    ​Re: Application Fee  Thai / English


ติดต่อสอบถามข้อมูลเพิ่มเติม

ฝ่​่ายกำกับการสอบบัญชี

โทรศัพท์ 0-2263-6097 หรือ 0-2263-6096​