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 

• Fast track 

      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;

      2. Filing an Application 

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.

      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

• Normal

             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 met the following audit experiences criteria;
   
   - having affixed signatures for giving audit opinions on financial reports of at least 2 business for not less than 1 year during the period of 5 years before filing an application for approval.  In this regard, such businesses shall involve a quantity and complexity of transactions that are sufficient for demonstrating knowledge and capacity of the auditor and audit engagement quality; and
    
   - having cumulatively performed audit duties for at least 7 years; and having cumulatively worked as a signing partner, an engagement partner, an audit supervisor, or a final reviewer for not less than 4 years.​

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

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

                 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 management system of the audit firm that the applicant is attached with whether such system is in accordance with the ISQM 1, ask the applicant for clarification on any issues found from the review of the audit works and inspect of the audit quality management 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 management system in compliance with International Standards on Quality Management 1 (ISQM 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 management 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

      8. Prohibited behaviors

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

      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 / En​glish   

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