Bangkok--Jul 6--SET
The Market for Alternative Investment (mai) invites the executives of all its 26 listed firms to attend a meeting held to clarify any details about their accounting report standards in order to secure investors’ confidence in the mai-listed firms’ transparency and reliability.
The President of the mai, Mr. Vichate Tantiwanich, said that the mai invited the executives of mai-listed firms to meeting today to emphasize the importance of producing transparent accounting reports. This will help increase investors’ confidence in the mai, as they’ll be assured that the accounting report standards of mai-listed firms are aimed at making the reports comprehensible, transparent and a better reflection of the companies’ real operational results. It also shows that the companies are conducting their businesses following good corporate governance principles and business ethics.
Interesting issues that were raised in the meeting included considering the firms’ intentions in producing accounting reports. Before submitting reports to the Securities and Exchange Commission (SEC) and the mai, a firm’s financial reports must be approved by many parties, e.g., the report producer, an auditor, a company’s top executives, an audit committee, as well as the board of directors. Each of these contributing parties have their own respective realms of responsibility and agendas; hence, all involved must be careful. The current checks-and-balances system has been viewed as being efficient enough.
Mr. Vichate added that the mai-listed companies’ executives agreed that although their firms may be considered small, “small” doesn’t mean inferior quality. On the contrary, they are confident that as they have passed strict scrutinization in getting listed, investors can be confident that they operate with transparency, have accepted Thai Generally-Accepted Accounting Principles (GAAP), and disclose comprehensive information.
If the companies’ auditors are of high quality and approve their financial reports without any comments or observations, their reports should be accepted as reliable. For this reason, investors are encouraged to study financial statements thoroughly and do not overlook any comments by the auditors.
The meeting participants were all in accord that if any company intentionally committed fraud, the mai must take prompt and effective action — and that the punishment should be tough in these cases. Furthermore, all good firms must be identified or praised so that they will be viewed as high quality companies.
“The meeting shows that the executives of mai-listed firms have all taken a firm standpoint to manage their firms with transparency and are confident about their companies’ accounting report standards. This will help affirm the confidence of the people investing in mai-listed firms,” Mr. Vichate concluded.
For more information,
please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036
Kulvida Jintakawong Tel: 0-2229-2037
Nattaporn Boonprapa Tel: 0-2229-2049
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.