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Audit liaison statutory accounts

Understanding Audit Liaison Statutory Accounts in Thailand

When it comes to financial compliance and transparency, the importance of audit liaison statutory accounts cannot be overstated. These elements are particularly crucial in Thailand, where financial regulations are subject to frequent changes and updates.

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The Importance of Audit Liaison Statutory Accounts

Every company in Thailand, regardless of their size, is required to produce annual year-end statutory accounts also known as (annual accounts), which must be audited at the end of each fiscal year for submission to both the MOC and the TRD. These include the balance sheet, profit and loss statement, and notes to the accounts, among other elements, with year-end statutory net income serving as the starting point for your corporate tax filing.

While their primary function is to satisfy legal requirements, they also serve as an invaluable tool for stakeholders—ranging from company directors to potential investors—to understand the financial health of the business. In Thailand, Audit Liaison Statutory Accounts are not just a regulatory mandate but are often scrutinized by banks, financial institutions, and even potential business partners.

Statutory Audits: The Thai Context

In Thailand, a statutory audit is more than a formality; it is a comprehensive evaluation of a company’s financial statements by an external auditor. This is required by Thai law for every business, even non-profit, rep offices, holding companies and dormant companies, including limited companies and public limited companies.

Key Components Involved in Audit Liaison Statutory Accounts

AO audit liaison services act as a bridge between the company and the external auditors. Given the complexity of the regulatory landscape, businesses need an expert to guide them through the audit process. Key tasks involved in this role may include:

  • Coordinating with external auditors
  • Clarifying audit requirements
  • Ensuring preparedness for the audit
  • Handling queries during the audit process
  • Reviewing audit findings and advising on corrective actions

Tailored Requirements for Different Business Types

Different types of businesses have varied regulatory requirements, including those for audits and statutory accounts. Understanding these nuances is crucial for compliance and for leveraging your financial statements as a business tool.

International Standards with Local Relevance

In Thailand, while international accounting and auditing standards such as the International Financial Reporting Standards (IFRS) are recognized, local adaptations and interpretations often apply. Businesses need to be aware of these local nuances to ensure that they are in full compliance with Thai laws while also meeting international standards.

Understanding audit liaison and statutory accounts, especially within the complex regulatory framework of Thailand, is essential for any business aiming for both compliance and operational excellence.


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John has more than 30 years of professional experience in accounting and business consulting for a wide range of companies and projects in South-East Asia and North America. He holds active licenses as both a Certified Public Accountant in the USA and a Chartered Professional Accountant in Canada. 


John joined AO in 2022, after building up a strong team at PKF and Baker Tilly where he was in charge of the accounting, tax advisory and corporate legal teams, as well as provision of integrated services to accounting and payroll clients. John first started working in Thailand in 1997 and spent 10 years in corporate advisory services. He began his career based in Canada as a financial auditor for Arthur Andersen.

The Most Frequent Questions

In Thailand, statutory accounts must include a balance sheet, a profit and loss statement, and notes accompanying these financial statements. These need to be prepared in accordance with Thai Generally Accepted Accounting Principles (GAAP) and must be audited by an external auditor.

Generally, small companies that meet certain conditions related to revenue and number of employees might be exempt from mandatory audits in some jurisdictions. However, in Thailand, all types of companies, including Private Limited Companies and Public Limited Companies, are generally required to have their accounts audited annually.

A statutory auditor in Thailand is responsible for verifying the accuracy and completeness of a company's financial statements. They must ensure that the accounts are in compliance with Thai GAAP and other local financial regulations. The auditor then provides an audit report, which is essential for the annual corporate income tax submission.

If you have more questions?

Audited accounts refer to financial statements that have undergone a comprehensive review by an external auditor. Statutory accounts are the legally mandated set of financial statements that include the audited accounts along with additional notes and disclosures. In Thailand, statutory accounts must be submitted to regulatory bodies such as the Department of Business Development and the Revenue Department.

In Thailand, the statutory auditor must adhere to the Thai Auditing Standards and provide an unbiased and accurate audit report. They are obligated to highlight any inconsistencies or irregularities they find and may suggest corrective actions. Non-compliance can lead to legal consequences for both the auditor and the company.

A person who is a director, employee, or a significant shareholder of the company cannot be appointed as a statutory auditor. Additionally, the auditor must be certified by the Federation of Accounting Professions in Thailand.