Bangkok, 20 August 2020 – SEC is seeking public comments on the proposed principles for amending the Securities and Exchange Act B.E. 2535 (1992) regarding the supervision on auditors and audit firms in the capital market to enhance enforcement efficiency and investor protection in line with international standards.
SEC
is proposing amendment to the guidelines for supervising auditors and audit
firms in the Thai capital market to enhance the audit quality oversight of audit
firms and promote the development of audit quality of auditors. In preparing
for the amendment proposal, SEC has assigned Thailand Development Research
Institute (TDRI) to study and analyze laws and mechanisms related to
supervision on auditors and audit firms in the Thai capital market in
comparison to foreign counterparts and to subsequently propose recommendations
for the amendment to the guidelines for the oversight of auditors and audit
firms in the Thai capital market. TDRI has completed the study project and
proposed recommendations in this regard.
SEC has taken TDRI’s recommendations into consideration in proposing principles
for amending the Securities and Exchange Act B.E. 2535 (1992) in three major
areas, namely: (1) the
granting of approval to audit firms and auditors in the capital market, (2) the
collection of fees from audit firms and auditors in the capital market, and (3) the determination of penalties on audit firms and auditors in
the capital market. The objectives of the amendment are to promote the
improvement of audit quality, enhance the credibility of the financial
reporting system in the Thai capital market, and strengthen the mechanism for
investor protection. In addition, the proposed supervisory guidelines would not
impose excessive burdens on audit firms and auditors and would specify penalty
alternatives that focus on appropriate proportionality of punishment to offense.
The
consultation paper on the proposed principles for amendment to the Securities
and Exchange Act B.E. 2535 (1992) regarding
supervision on auditors and audit firms in the capital market is available at https://www.sec.or.th/EN/Pages/PB_LISTVIEW.aspx. Stakeholders and
interested parties are welcome to give comments and suggestions via the website
or email: krissana@sec.or.th
and jirapa@sec.or.th. The public
hearing ends on 21 September 2020.
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