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SEC, Ministry of Commerce and Thailand Federation of Accounting Professions jointly consult on cooperation for enhancing audit oversight in Thailand



Tuesday 18 June 2019 | No. 72 / 2019


Bangkok, 18 June 2019 – A meeting for consultation on cooperation for enhancement of the audit oversight was convened at the Department of Business Development, Ministry of Commerce on 17 June 2019 and attended by the Permanent Secretary for Ministry of Commerce and Chairman of the Oversight Committee on Accounting Professions as the chairperson, Director-General of the Department of Business Development, president of the Thailand Federation of Accounting Professions, SEC Secretary-General Ruenvadee Suwanmongkol, SEC Deputy Secretary-General Sirivipa Supantanet, and SEC management team.

SEC Secretary-General said “With respect to the policy of SEC to enhance the protection for investors in the capital market, auditors and audit firms is deemed to play an important part in the process to achieve that goal. SEC has proposed to hire a researcher to conduct a study on the legislations relating to audit firms and auditors supervision in foreign country which will be taken into account in amendment of the Securities and Exchange Act B.E. 2535 (Securities and Exchange Act) to allow more effective and efficient supervision of the audit firms and auditors and every agency is willing to support such study. In this respect, the Department of Business Development informed that the proposal for amendment of the Accounting Professions Act B.E. 2547 is being considered while SEC is considering amendment of the Securities and Exchange Act. This will contribute to the enhancement.

“In addition, the Meeting also consulted on factors to facilitate an increase in the number of SEC-registered auditors for the growth of Thai capital market in future. SEC will cooperate with the Thailand Federation of Accounting Professions in respects of supports for auditors, such as trainings, support for tool development in order to uplift the overall audit quality”.

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Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 72 / 2019 Tuesday 18 June 2019
SEC, Ministry of Commerce and Thailand Federation of Accounting Professions jointly consult on cooperation for enhancing audit oversight in Thailand
Bangkok, 18 June 2019 – A meeting for consultation on cooperation for enhancement of the audit oversight was convened at the Department of Business Development, Ministry of Commerce on 17 June 2019 and attended by the Permanent Secretary for Ministry of Commerce and Chairman of the Oversight Committee on Accounting Professions as the chairperson, Director-General of the Department of Business Development, president of the Thailand Federation of Accounting Professions, SEC Secretary-General Ruenvadee Suwanmongkol, SEC Deputy Secretary-General Sirivipa Supantanet, and SEC management team.

SEC Secretary-General said “With respect to the policy of SEC to enhance the protection for investors in the capital market, auditors and audit firms is deemed to play an important part in the process to achieve that goal. SEC has proposed to hire a researcher to conduct a study on the legislations relating to audit firms and auditors supervision in foreign country which will be taken into account in amendment of the Securities and Exchange Act B.E. 2535 (Securities and Exchange Act) to allow more effective and efficient supervision of the audit firms and auditors and every agency is willing to support such study. In this respect, the Department of Business Development informed that the proposal for amendment of the Accounting Professions Act B.E. 2547 is being considered while SEC is considering amendment of the Securities and Exchange Act. This will contribute to the enhancement.

“In addition, the Meeting also consulted on factors to facilitate an increase in the number of SEC-registered auditors for the growth of Thai capital market in future. SEC will cooperate with the Thailand Federation of Accounting Professions in respects of supports for auditors, such as trainings, support for tool development in order to uplift the overall audit quality”.

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