Bangkok--1 Oct--SEC
The SEC signed a Memorandum of Understanding (MOU) with the Office of Auditor General of Thailand (OAG) on September 27 to enhance audit quality of state owned enterprises (SOE) listed on the Stock Exchange of Thailand (SET) in compliance with international audit standards which have become effective this year.
This collaboration is supported by the World Bank who renders technical assistance to the SEC under the First Initiative Project, Thailand: Enhancing SEC Assessment Capacity to enhance auditors’ performance in compliance with international standards. The OAG, as the auditor of listed SOEs, has joined the project to enhance its audit quality on par with the same standards.
The World Bank will assign an expert on international audit standards to train OAG officers and sponsor registration fees for their training courses. The training curriculum will be based on the Institute of Chartered Accountants in England and Wales (ICAEW). In addition, the SEC will coordinate with audit firms of the SEC-approved auditors to allow OAG officers to observe their overseas branches.
This collaboration will give OAG officers an opportunity to exchange knowledge and experiences on audit practice; while the SEC and the OAG will work together to strengthen audit work of SET listed companies.
“Most of the listed SOEs are large organizations, accounting for 17 percent of the total market capitalization. This collaboration will enhance confidence in the quality of financial statements of listed firms in the Thai capital market, hence, boost market competitiveness and attract worldwide investors,” said SEC Secretary-General Vorapol Socatiyanurak.
“Thanks to this collaboration, OAG officers will have more opportunities to enhance their knowledge on international audit standards, and the OAG can further improve its quality assurance systems. At the end of the day, investors will be more confident in financial statements of state owned enterprises,” said Ms.Prapee Ankinandana, OAG Deputy Auditor General.