A feature of audit practice in Thailand is that audit work has to be carried out under the auditor’s personal name, so that he rather than the firm signs the report. Any company, even those not listed on the Stock Exchange of Thailand, must have a Thai auditor in order to comply with the Civil and Commercial Code and Revenue Code. Therefore, all entities subject to Thai corporate income tax must be examined by a Thai CPA.
Even a representative office, which does not undertake profit making business in Thailand, has to be audited by a Thai CPA and submit a corporate tax return.
Thai audit practice operates at 2 levels: the international level, which requires performance in accordance with Audit Standards; and the local level, where a report is prepared without any working papers . We provide services at the international level.
For foreign subsidiaries, a qualified and speedy audit is required because of the consolidated regulations. Audit teams must be familiar with both the Thai accounting and auditing standards, and the international standards.
We have Thai qualified CPAs and at your request we can provide a Japanese CPA and AICPA as co – ordinators. Further, we have a policy of interim audit practice to facilitate our audit procedure. Additionally, we will produce both Thai and English versions of the audit report and the management letter to facilitate the accounting and tax assessment process.
Our services include:
Statutory audit required by the Civil and Commercial Code and Revenue Code
Special purpose audit, e.g. acquisition, tax refund
Compliance with BOI requirements
Subsidiary audit required by the consolidated regulations