Bangkok, February 13, 2015 ? The SEC organized the seminar ?Challenges of audit committees in reviewing financial and non-financial information? to provide a venue for discussion and exchange views and experiences among experts to keep up with development of accounting principles having effect on financial information disclosure.

Vorapol Socatiyanurak, SEC Secretary-General said that the seminar aimed to support audit committees to perform their roles amidst the development and change of accounting principles and report practices of financial and non-financial information. In the seminar, audit committee members with accounting expertise gave the audience, guidance on playing roles as audit committee; for instance, preparation of new auditor?s report and trend of Thai Financial Reporting Standards prescribed by the Federation of Accounting Professions under His Majesty The King?s Royal Patronage in line with International Financial Reporting Standards (IFRS) that will be effective this year.

Besides, audit committee should place greater emphasis on disclosure of non-financial information to which institutional investors tend to pay more attention in making investment decision. Investors also tend to value information from the company, rather than that from other sources. Accordingly, disclosure should include significant issues which could materially impact business operations and shareholders, along with the connections between non-financial and financial performance. In addition, disclosure of complete information in a timely manner will be of benefit to companies in terms of value adding, trustworthiness, and competitive advantage. 

?The SEC wishes to enhance the roles of audit committee by prescribing proper educational background and accounting experiences, extending scope of roles and duties to cover significant issues and reviewing financial information disclosure. Furthermore, supporting tools for effective performance of audit committee have been provided to help prepare audit committee for the development of accounting principles and improve the audit quality to meet with international standards,? Vorapol said