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In Khon Kaen, as is the case in the rest of Thailand, accounting and auditing regulations are primarily governed by the framework established by the Federation of Accounting Profession (FAP) under the Accounting Act. The FAP is mandated to oversee accountancy standards, education, accreditation and professional ethics. Meanwhile, the auditing standards are maintained and enforced by the Securities and Exchange Commission (SEC) and the Bank of Thailand, among others. All businesses, foreign or otherwise, registered in Khon Kaen are required to comply with the Thai accounting and auditing standards.
Many businesses may require a lawyer due to issues that can range from the simple misinterpretation of complex tax laws, auditing standards, and regulatory compliance, to disputes over financial reporting or suspected fraudulent activity. Lawyers with a deep understanding of accounting & auditing laws can provide crucial assistance in establishing internal accounting standards, ensuring compliance with relevant Thai laws, handling audits or investigations by regulatory authorities, and dealing with any potential litigation or dispute.
Accounting and auditing in Khon Kaen, Thailand comply with both the Thai Accounting Standards (TAS) and Thai Financial Reporting Standards (TFRS), which are based on the International Financial Reporting Standards (IFRS). Regulations mandate that accounting records be written in Thai and maintained in Thailand for at least five years. Each year, companies are required to prepare and keep statutory financial statements. Furthermore, all small, medium, large or listed companies are obliged to carry out an annual audit of their financial statements by an auditor licensed by the FAP.
1. What language should accounting records be maintained in Thailand?
Accounting records in Thailand should be maintained in the Thai language. However, they can be also be accompanied by a second language if need be.
2. Can I do my accounting without a local Thai professional?
While you may opt to do so, it is advisable to consult with local Thai professionals who have a good grasp of the complex local laws and regulations related to accounting and auditing.
3. What happens if I don’t comply with the accounting and auditing standards?
Non-compliance with the prescribed Thai accounting and auditing standards can result in penalties, legal action and also a loss of business reputation.
4. Who are responsible for conducting audits?
Audits need to be conducted by auditors who are licensed by the Federation of Accounting Profession (FAP).
5. How often should a company audit its financial records?
All registered companies need to carry out an annual audit of their financial statements.
For additional resources, businesses can refer to the official websites of Thailand’s Federation of Accounting Profession (FAP), Securities and Exchange Commission (SEC) and the Bank of Thailand. The Khon Kaen Chamber of Commerce can also assist businesses with information and guidance.
If you feel you are in need of legal assistance in the field of Accounting & Auditing, it’s best to get in touch with a local Thai lawyer with expertise in this area. Having a professional to guide you through the local laws and regulations can help you avoid pitfalls and ensure compliance, thus reducing potential risks and liabilities. It is also recommended to establish relationships with a reliable accounting firm to assist you in preparing and maintaining accurate and compliant records.
