• Register
Return to: Home > News > Regulation > Thai SEC looks to enhance audit quality of SOEs

Thai SEC looks to enhance audit quality of SOEs

The Securities Exchange Commission (SEC) of Thailand and the Office of the Auditor General of Thailand (OAG) have signed a Memorandum of Understanding to enhance the audit quality of state owned enterprises (SOEs) listed on the Stock Exchange of Thailand (SET).

The agreement comes as the country is required to comply with international audit standards which come into effect later this year.

The collaboration is supported by the World Bank under the First Initiative Project, Thailand: Enhancing Securities Exchange Commission Audit Capacity. The OAG has joined the project to ensure SOEs comply with international audit standards, and the World Bank will provide an expert on these standards to train OAG officers, as well as sponsoring their registration fees.

The training will be based on the Institute of Chartered Accountants of England and Wales, while the SEC will co-ordinate with SEC-approved auditors to allow OAG officers to observe their overseas branches. The collaboration will also provide OAG officers with an opportunity to share knowledge and experience.

SEC secretary-general Vorapol Socatiyanurak said as the majority of listed SOEs are large organisations and account for 17% of market capitalisation, the project will “enhance confidence in the quality of financial statements of listed firms in the Thai capital market, hence, boost market competitiveness and attract worldwide investors”.

OAG deputy auditor general Prapee Ankinandana added the collaboration gives its officers “more opportunities to enhance their knowledge on international audit standards” and could help to “further improve” its own quality assurance systems.

“At the end of the day, investors will be more confident in financial statements of state owned enterprises,” Ankinandana said.


Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.