Best Accounting & Auditing Lawyers in Bangkok Noi

About Accounting & Auditing Law in Bangkok Noi, Thailand

Accounting and auditing in Bangkok Noi operate under Thailand's national legal and professional framework. Whether you are a small family-owned shop along Charan Sanitwong Road, a tech startup near Siriraj, a representative office, or a public company, you must follow Thai statutes and standards that apply across the country. Local district offices and area revenue offices in Bangkok support enforcement and filings, but the core rules are set at the national level.

The main pillars are the Accounting Act, the Revenue Code, company laws, and professional standards issued by the Federation of Accounting Professions under the Royal Patronage of His Majesty the King. Financial statements are prepared in accordance with Thai Financial Reporting Standards, which are largely aligned with IFRS, and audits are conducted under Thai Standards on Auditing. All limited companies registered in Thailand must prepare annual financial statements and have them audited by a Thai-licensed certified public accountant, even if the company is dormant.

For businesses in Bangkok Noi, this means keeping accurate books, complying with tax filing timetables, appointing a qualified auditor, presenting accounts to shareholders, and filing the audited financial statements with the Department of Business Development. Foreign-owned entities and cross-border transactions bring additional requirements, including transfer pricing documentation and exchange control considerations.

Why You May Need a Lawyer

Setting up or restructuring a company in Bangkok Noi often involves selecting the right entity type, drafting bylaws, appointing an auditor, and aligning accounting policies with Thai law. A lawyer can guide you through statutory requirements and help you avoid costly missteps.

When your business faces a tax audit or inquiry from the Revenue Department, legal counsel can manage responses, protect privileged communications, and coordinate with your tax advisor or CPA to resolve issues efficiently.

If management discovers errors, fraud, or internal control weaknesses, a lawyer can help design an internal investigation, work with the external auditor, and advise directors on their duties and potential liabilities.

In cross-border operations, a lawyer can advise on transfer pricing rules, intercompany agreements, foreign currency regulations, withholding tax, and double tax treaty relief, all of which interact with your accounting and audit processes.

Mergers, acquisitions, and joint ventures require financial due diligence, purchase price adjustments, and representations and warranties relating to financial statements. A lawyer can negotiate protections and remediate identified compliance gaps before closing.

For listed companies or entities seeking fundraising, counsel can navigate Securities and Exchange Commission rules on auditor independence, public disclosures, and timelines for quarterly and annual reporting.

Local Laws Overview

Accounting Act B.E. 2543 and related regulations set the basic obligations for bookkeeping, the appointment of a responsible accountant, and record retention. Companies must keep accurate and complete accounts and supporting documents. Books and source documents should be kept for at least 5 years, and longer in certain cases under tax law.

Thai Financial Reporting Standards apply to general purpose financial statements. Publicly accountable entities follow full TFRS. Smaller entities may apply TFRS for NPAEs, a simplified standard for non-publicly accountable entities. Your auditor and legal counsel can help determine the appropriate framework.

Audits must be performed by a Thai-licensed CPA in accordance with Thai Standards on Auditing and the profession's code of ethics. Listed companies and other public interest entities are subject to additional independence and auditor rotation requirements under the Securities and Exchange Commission.

Company law governs governance and filing timelines. Directors must ensure financial statements are prepared, audited, approved by the board, presented to the annual general meeting, and submitted to the Department of Business Development. The AGM is generally required within 4 months after the fiscal year end, and the audited financial statements must be filed with the DBD within 1 month after the AGM. A list of shareholders is typically filed shortly after the AGM.

The Revenue Code governs corporate income tax, VAT, specific business tax, withholding tax, and stamp duty. Companies file annual returns and often a mid-year estimate, along with monthly VAT and withholding submissions where applicable. Late filings can trigger surcharges and penalties. Maintaining proper books and supporting documents is critical for tax examinations.

Language and currency rules generally expect bookkeeping in Thai language and Thai baht. Foreign language records and foreign currency accounting may be permitted under conditions, but authorities can require Thai translations and functional currency translation for filings. Foreign exchange transactions must comply with the exchange control framework supervised by the Bank of Thailand.

Transfer pricing rules apply to related party transactions. Companies meeting revenue thresholds must submit a transfer pricing disclosure form and maintain contemporaneous documentation supporting the arm's length nature of intercompany dealings. Non-compliance can result in tax adjustments and penalties.

Electronic systems are recognized under Thailand's electronic transactions framework. The Revenue Department permits e-tax invoices, e-receipts, and e-withholding tax, subject to registration and technical standards. Companies increasingly file financial statements and statutory forms with the DBD through e-filing.

Privacy and data security obligations under the Personal Data Protection Act affect payroll, vendor master data, and other accounting records containing personal data. Businesses should implement lawful basis assessments, retention schedules, and safeguards for cross-border transfers.

Frequently Asked Questions

Do all companies in Bangkok Noi need audited financial statements?

Yes. All limited companies registered in Thailand must prepare annual financial statements and have them audited by a Thai-licensed CPA, regardless of size or activity level. Branches and representative offices are also generally required to keep accounts and have them audited.

Which accounting standards apply in Thailand?

Thai Financial Reporting Standards apply. Publicly accountable entities use full TFRS, which aligns closely with IFRS. Smaller companies that meet the criteria for non-publicly accountable entities may use TFRS for NPAEs, a simplified framework.

When are financial statements due for filing?

As a general rule, companies hold the AGM within 4 months after the fiscal year end and file the audited financial statements with the Department of Business Development within 1 month after the AGM. Always confirm the exact deadlines that apply to your entity type and any extensions that may be available through e-filing.

Can we keep our accounts in English and in a foreign currency?

Thai law generally expects records in Thai language and Thai baht. In practice, many systems operate in English and foreign currency for management purposes, but official records and submissions must be in Thai and convertible to Thai baht, and authorities can require Thai translations. Obtain advice before adopting a foreign functional currency.

How long must we retain accounting records and source documents?

Keep books, invoices, receipts, and other supporting documents for at least 5 years. Longer retention can be required under the Revenue Code in specific circumstances, such as ongoing tax audits or where incentives have been claimed.

What happens if we file late or miss an audit?

Late or missing filings can trigger penalties from the Department of Business Development, and tax surcharges and penalties from the Revenue Department. Directors can face personal liability for certain failures. Prompt remediation and voluntary disclosure, where appropriate, can help mitigate sanctions.

What are directors' responsibilities over financial reporting?

Directors must ensure proper bookkeeping, safeguard company assets, select and oversee a qualified auditor, approve accurate financial statements, call the AGM, and file with the DBD and tax authorities. They must also act with due care and comply with applicable standards and laws.

How is a financial statement audit different from a tax audit?

A financial statement audit is conducted by an independent CPA to express an opinion on whether the financial statements are fairly presented under TFRS. A tax audit is conducted by the Revenue Department to verify tax compliance, assess additional tax if needed, and impose penalties for non-compliance.

Do we need transfer pricing documentation in Thailand?

Yes, if you have related party transactions and meet the revenue threshold, you must submit a transfer pricing disclosure form and maintain supporting documentation. Even below thresholds, keeping robust intercompany agreements and analysis is a good practice to support arm's length outcomes.

Are e-tax invoices and e-receipts valid?

Yes. The Revenue Department allows e-tax invoices and e-receipts if you register and comply with technical and security standards. E-withholding tax and e-filing are also widely used in Bangkok.

Additional Resources

Department of Business Development, Ministry of Commerce - responsible for company registrations and filing of audited financial statements and shareholder lists.

The Revenue Department - responsible for corporate income tax, VAT, withholding taxes, and tax audits, with area revenue offices serving Bangkok Noi businesses.

Federation of Accounting Professions under the Royal Patronage of His Majesty the King - sets Thai Financial Reporting Standards, Thai Standards on Auditing, and ethical requirements for accountants and auditors.

Securities and Exchange Commission, Thailand - regulates listed companies, public offerings, auditor independence, and disclosures for capital markets participants.

Bank of Thailand - oversees foreign exchange regulations and reporting relevant to foreign currency transactions and cross-border payments.

Board of Investment of Thailand - administers promoted projects and related accounting and reporting conditions for incentive recipients.

Central Tax Court and Courts of Justice - adjudicate tax disputes and certain accounting-related matters.

Bangkok Metropolitan offices of the Department of Business Development and Bangkok Area Revenue Offices - provide local support for filings and inquiries for Bangkok Noi entities.

Next Steps

Clarify your objectives. Identify whether you need routine compliance, remediation of past issues, support for a transaction, or representation in a tax or regulatory inquiry.

Gather key documents. Collect corporate documents, prior financial statements and audit reports, tax returns and assessments, accounting policies, intercompany agreements, major contracts, and bank reconciliations.

Select a Thai-licensed CPA and a lawyer with accounting and tax experience. For efficiency, engage professionals who regularly work together on Bangkok filings and audits and who understand your industry.

Map your compliance calendar. Set internal deadlines for closing the books, audit fieldwork, board approval, AGM, DBD filing, tax filings, and transfer pricing forms. Build in buffer time for translations and e-filing.

Address control and documentation gaps early. Implement or update accounting policies, revenue recognition practices, inventory counts, fixed asset registers, and tax documentation. Confirm e-tax invoice registration and system readiness if you plan to go paperless.

For cross-border operations, align legal agreements and pricing with transfer pricing documentation, withholding tax analysis, and exchange control rules. Confirm that management reporting reconciles to TFRS and statutory filings.

If facing an inquiry or audit, designate a single point of contact, agree on a document production plan, and coordinate all responses through counsel. Consider voluntary disclosures where appropriate to reduce penalties.

Keep directors informed. Schedule briefings for the board on financial reporting responsibilities, significant judgments, audit findings, and filing status so resolutions and AGM documents can be finalized on time.

Document everything. Maintain evidence of approvals, audit committee communications if applicable, management representation letters, and proof of DBD and tax submissions for your records.

When in doubt, seek local advice. Thai rules are detailed and timelines are strict. Early consultation with a Bangkok-based lawyer and CPA can prevent issues and keep your business in good standing in Bangkok Noi.