The Securities and Exchange Commission (SEC) has issued a notification concerning application fee for approval of auditors in the capital market,* whereby the application fee for approval of auditor is reduced from 50,000 baht to 10,000 baht for auditors affiliated with audit firms in the capital market who submit an application for approval for the first time. The fee reduction aims to promote more entries of qualified auditors to the capital market to support future growth of the market and to lighten the burdens of audit firms in the capital market. The fee reduction is valid from 1 February to 30 June 2022.
SEC
Secretary-General Ruenvadee Suwanmongkol said: “The
Covid-19 pandemic has affected Thailand and countries around the world since
late 2019 and it has led to economic slowdown. Under such circumstance, many
audit firms in the capital market tend to postpone nomination
of persons to apply for approval as auditor in the capital market, which may
cause the number of auditors in the capital market to be insufficient for the
provision of audit service to listed companies and potential fundraisers in the
capital market that are expected to increase upon economic recovery. To address
this issue, the SEC has launched the application fee
reduction scheme to allow auditors affiliated with audit firms in the
capital market to apply for approval as auditor in the capital market for the
first time at a lower fee. This is a temporary measure to promote more entries
of knowledgeable and skilled auditors into the capital market. Interested
auditors are welcome to apply for approval as capital market auditor during 1
February to 30 June 2022 and take advantage of the reduced application fee. We
believe this measure will not only help to increase the number of auditors in
the capital market but also reduce partial costs for audit firms. But In any
case, each first-time applicant is subject to the SEC’s strict audit work
quality screening process in accordance with the international standards. This
is to ensure that the financial statements of all businesses raising fund in
the capital market audited by qualified capital
market auditors will be of good quality, accurate, reliable and useful for investors’
decision making on a continuing and regular basis.”
This
application fee reduction scheme for new auditors affiliated with audit firms
in the capital market is the SEC’s New Year gift to Thai people as it will lead
to more entries of sufficient, qualified auditors for businesses in the capital
market and those intending to raise fund therein.
___________________________
Remark:
*Notification of the Office of
the Securities and Exchange Commission No. Sor Mor. 1/2565 Re: Reduction of Application
Fee for Approval of Auditors in the Capital Market dated 14 January 2022.