Bangkok, May 12, 2015 ? The SEC published 2014 Independent Audit Inspection Activities Report covering inspection of 12 audit firms and working papers of 46 approved capital market auditors. The inspection showed impressive progress, paving the way to the quality enhancement and increase the number of capital market auditors to accommodate the growth of Thai capital market.  

Tipsuda Thavaramara, SEC Deputy Secretary-General said, ?At present, Thailand audit oversight has been developed and recognized at international level. The SEC has placed high emphasis on uplifting quality of audit work and financial reports on the close cooperation with all related parties, including auditors, accountants, audit committees, listed company executives as well as related accounting and audit regulatory bodies. This will not only build Thai capital market with a solid foundation for sustainable growth but will also turn it to be a regional financial connector for emerging economies.

The 2014 inspection results indicated impressive improvement in terms of audit manuals and audit programs for most of the audit firms. Nonetheless, more emphasis on some areas is needed, such as planning and risk assessment as well as auditing the issues related to fraud risks and revenue recognition. In addition, the ongoing challenge to be urgently addressed was to increase the number of auditors with a view to accommodating the growth of capital market. The SEC discussed this urgent matter with relevant parties, held training courses and seminars for auditors interested in applying for the approval as capital market auditors, participated in international forums in exchange of views, experiences as well as solutions and applied to the Thai market circumstances, for example.? 

The above report is now available in Thai on the SEC website - www.sec.or.th (http://www.sec.or.th/TH/RaisingFunds/EquityDebt/Documents/activities_report_th_2557.pdf). The English version will soon be published and posted on the website.