Thailand’s security commission to impose fine for errant audit firms

The move will require capital market auditing firms to register with the SEC office.

The Bangkok Post quoted SEC Assistant Secretary-General Thawatchai Kiatkwankul as saying that the fines will encourage internal supervision and provide checks and balances within the auditing firms.

The measures that lead to removing, improving or changing parts of the internal management process of auditing companies are needed, he said. 

The SEC has only two penalties now for violations by capital market auditors and auditing firms: revocation of the auditor licence and/or closing of the firm.

During 2017-19, the SEC gave warnings to two auditors and suspended the licence of another. It also processed civil sanctions against three former assistant auditors who worked for an SEC-approved auditor firm, citing insider trading.

At the end of 2019, there were 251 certified public accountants (CPA) working with 29 auditing firms approved by the SEC to audit 725 listed companies in Thai capital markets, a ratio of 2.88 listed companies per CPA./.

VNA