SEC Secretary-General Ruenvadee Suwanmongkol said: “The SEC gives priority to the audit quality control system of audit firms in the capital market, and regularly inspects and issues inspection reports on audit quality control systems for audit firms to reflect and improve on their audit quality. Meanwhile, stakeholders in the financial reporting ecosystem, especially the audit committee, increasingly emphasize the importance of audit quality factor in the selection of auditors. Qualitative information in the firm inspection report is thus very useful for the selection process. In addition, the International Standard on Quality Management, which will become effective on 15 December 2022, requires that audit firms communicate with third parties regarding their audit quality management system.”  

The SEC has therefore provided a channel for audit firms in the capital market to voluntarily disclose their latest firm inspection report on the SEC website. This will allow listed companies and audit committees to obtain sufficient qualitative information from audit firms to support the selection of suitable auditors for the size and complexity of their business, ensure transparency, and promote the stakeholders’ awareness of the importance of audit quality. This will urge audit firms to further improve their audit quality and strengthen confidence in the financial reporting system and the Thai capital market as a whole. 

 Audit firms in the capital market wishing to disclose their latest firm inspection report on the SEC website may now inform the SEC thereof.  

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