All businesses registered in Thailand are legally obligated to accurately and timely prepare an audit report for all accounts. It is important that all audit reports are filed annually to avoid being summoned by the authorities for non-compliance or pay the fine that may amount up to 200,000 baht.
Accuracy is key when it comes to preparing annual audit reports. Your company’s credibility is at stake when you file an inaccurate financial statement or critical business information. It is imperative that your auditors are highly skilled and know the ins and outs of proper auditing and assurance practice. All the important steps involved before and after preparing an audit report should be followed with transparency and must adhere to the strict rules and regulations of the Thai Auditing Standards.
Reliance Consulting provides you with audit and assurance services that are handled by competent and experienced auditors. We offer a systematic approach to audit services to ensure that all reports follow international auditing standards, whilst keeping in mind our clients’ expectations. Our transparency extends to our pricing of the whole auditing process as well, to make sure that clients get a comprehensive, professionally handled auditing service that is not solely confined to just a signed audit report.
We have partnered with a rapidly expanding audit firm that boasts local CPA-qualified auditors accredited with the Institute of Certified Accountants and Auditors of Thailand. Having highly skilled and experienced audit experts ensures that you only get accurate and transparent reports that reflect the highest standards for auditing, review, and quality control, which you can also use as credible references to improve your business practice and address accounting issues within your organisation more effectively.
Reliance Consulting can assist you in the following areas of audit and assurance:
The Ministry of Commerce in Thailand requires all incorporated businesses to submit financial statements that are statutory audited. Such financial statements serve as key documents when a company submits its corporate tax return to the Thailand Revenue Department and should be submitted within five months after ending the company’s fiscal year.
Statutory audited financial statements should be verified as true and in compliance with today’s accounting principles. Review and auditing of such statements must be performed by an independent licensed CPA in Thailand.
Reliance Consulting provides accurate statutory audits and an extensive review of your financial statements that adhere to the Thai Financial Reporting Standards. Our Thai auditors can be relied on to perform a risk-based audit approach that carefully zeroes in on all your accounting records in compliance with locally and internationally accepted auditing standards. Through this thorough approach, we can also provide you with expert insights and recommendations on how you can further develop and improve your internal controls.
Group reporting audits are done by our auditing experts in adherence to the standards laid out by the IFRS, US GAAP, and other reporting networks, ensuring that only accurate and reliable financial reports are submitted to regulatory bodies and that the information received by the group parent company and the group auditors are consistent with that of the other group companies. You will receive your reports both in English (for your company’s own reference) and Thai (the required language when filing with the Thailand Revenue Department and the Ministry of Commerce’s Department of Business Development).
Reliance Consulting’s audit package includes the following:
- Accounting of general ledger, general journal, and trial balance
- Preparation of the financial statement and submission to the Thailand Revenue Department
- Corporate tax filing and submission (PND 50) to the Thailand Revenue Department and the Ministry of Commerce’s Department of Business Development
The stability of a company depends on how it actively monitors its operations to maintain integrity. Regularly performing internal audits ensure that a company remains a reliable organisation that is free from any suspicious activities. On top of this, having a well-structured internal audit function can help a company practice effective management control and reduce risks associated with any business decisions.
Reliance Consulting offers internal audit solutions that allow companies to improve their operations control and efficiency in handling risk-management issues. Our services help companies:
- Build and execute risk-based methodologies on internal audit
- Implement a comprehensive risk assessment testing and evaluation
- Establish solid and strategic internal control systems
- Benefit from value-added resources that can reinforce the strengths and capabilities of the in-house internal audit department
- Liaise efficiently and effectively with external auditors to create more accurate and transparent annual statutory audits
SPECIAL AUDIT ENGAGEMENT
Companies need to have a special audit performed to address key issues that may affect its growth. Having special audit engagements also helps companies effectively focus on areas that may be instrumental in cultivating its external interests.
Reliance Consulting provides a comprehensive and in-depth review of your business transactions and underlying accounts. By availing yourself of our special audit services, you will be able to identify and address problematic areas in your operations to enable growth and direct your business towards external interests that can provide your company with better opportunities.