Bangkok--28 Dec--PwC Thailand
PwC Thailand published its inaugural Transparency Report to promote detailed disclosures of its legal structure, governance and the quality controls employed in audit practice.
PwC was the first firm in the country to have one-of-its-kind PwC Transparency Report 2015 in place after Thailand's Securities and Exchange Commission (SEC) called on 25 audit firms who audited listed companies to enhance transparency.
Sira Intarakumthornchai, Chief Executive Officer for PwC Thailand, said the firm is committed to delivering quality services and will embrace opportunities to create better understanding among investors and the public of its business and audit processes.
"Quality is the cornerstone of our business and brand," Sira said. "This Transparency Report represents our commitment to constantly improving audit quality and the way we work so that we can effectively address the clients' needs and expectations."
Rapee Sucharitakul, the SEC Secretary-General said "transparency report will be an important mechanism in enhancing reliability of financial reports and thus generating benefits to the private sector and enhancing transparency in accounting professions. Listed companies can use the report for choosing audit firms that suit to their businesses while the report will help promoting the quality of work of audit firms. In this regard, the SEC wishes to encourage all audit firms to prepare and publicly disclose their transparency reports to promote competition in terms of work quality rather than pricing. We are therefore pleased with PwC Thailand's success in becoming the first audit firm to publish the transparency report in the Thai capital market."
The PwC Transparency Report 2015 is very insightful and informative as it outlines the firm's governance and leadership bodies, internal policies, processes, approaches and operations relating to audit practices. The contents in this report address the requirements of the International Standards on Quality Control 1 (ISQC1).
The report is being distributed to listed company clients, as well as prospective clients who are Public Interest Entities (PIEs). It can be viewed by the general public on PwC's website.
The role of auditors is vital to protecting investors and ensuring market fairness, Sira said. High-quality audits help support the quality of financial reports, which in turn helps to develop an auditing industry that fully promotes governance and best practices.
"Transparency reporting helps to inform the market about audit firms and audit quality," Sira said. "It also builds trust and confidence among clients, regulators, stakeholders and the public in the services and real values that audit firms provide."
PwC's report is also expected to encourage other audit firms to increase their focus on audit quality. This would ultimately benefit investors and those responsible for selecting an audit firm.
The number of audit transparency reports has increased over the last few years as the field has evolved, including voluntary reporting of information, according to the International Organisation of Securities Commissions (IOSCO).
Countries including Australia, Japan and the European Union, for instance, have legal and regulatory requirements with respect to audit firm transparency reporting. The United States gathers information on transparency through other regulatory processes, it said.