What is the Financial Statement Audit?
The companies are obligated by Thailand law to ensure that their financial statements are audited by a registered CPA. For the purpose of the independent audit is to provide assurance that the management has presented financial statements that are free from material error and provides with a true and fair view of its financial performances.
In addition, hiring qualified audit firm provides reassurance to banks, suppliers, Department of Business Development Ministry of commerce and The revenue department of Thailand that the business is financially sound and creditworthy. Audited financial statements are needed to provide information to decision-makers.
During a financial audit, a CPA confirms that the financial statements do not contain material errors. In case there are substantial errors, the CPA recommends corrective measures that comply with the Thai Standards on Auditing (TSA)
The following are the main types of Financial Statements Audit.
Income Statement :: This is the statement of the financial performance of a company
- Balance Sheet :: The balance sheet reports the financial position of the company at the end of the fiscal year (or at any other point in time a balance sheet is prepared; for example, companies are usually required to submit a balance sheet when applying for a loan). It reveals the value of assets, liabilities, and equity of a company.The items in the assets and liabilities columns are presented in order of liquidity, with the most liquid items reported first. The auditor may verify the existence of assets and liabilities, and the accuracy of the figures presented.
- Cash Flow Statement :: The cash flow statement may also be included in the audited financial statements. The cash flow statement reveals the cash inflows and outflows during the fiscal year. It provides an insight into the company’s ability to meet its short-term obligations and continue operating in the foreseeable future. The auditor may verify the entries in the cash flow statement against the bank statement and also check the accuracy of the footnotes.
Late Filing of Financial Statements or not Filing Financial Statements at Thailand Is there a fine or not ?
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Submit of Filing Audited Annual Financial Statements on 2021 – 2022 at Thailand
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