SEC to enhance audit quality of listed state enterprises

 

 

 

 

This collaboration is to ensure that they are in compliance with international audit standards which have become effective this year.  

 

Supported by the World Bank's technical assistance, the project will be assisted by the World Bank's expert on international audit standards who will train OAG officers and sponsor registration fees for their training courses. The training curriculum will be based on the Institute of Chartered Accountants in England and Wales (ICAEW). In addition, the SEC will coordinate with audit firms of the SEC-approved auditors to allow OAG officers to observe their overseas branches. 

 

This collaboration will give OAG officers an opportunity to exchange knowledge and experiences on audit practice; while the SEC and the OAG will work together to strengthen audit work of SET listed companies. 

 

“Most of the listed SOEs are large organisations, accounting for 17 per cent of the total market capitalisation. This collaboration 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,” said SEC Secretary-General Vorapol Socatiyanurak. 

 

“Thanks to this collaboration, OAG officers will have more opportunities to enhance their knowledge on international audit standards, and the OAG can further improve its quality assurance systems. At the end of the day, investors will be more confident in financial statements of state owned enterprises,” said Prapee Ankinandana, OAG deputy auditor general.