Vorapol Socatiyanurak, SEC Secretary-General, said that “ASEAN countries place high importance on accounting and auditing oversight cooperation through AARG forum founded in 2011 with the joint efforts of Malaysia’s Audit Oversight Board (AOB), Singapore’s Accounting and Corporate Regulatory Authority (ACRA) and the SEC Thailand. The AARG roles extend to elevating audit oversight and quality in the region and being a channel for knowledge sharing and promoting ASEAN capital markets linkage together with cross-bordering offering under equivalent standards of high quality financial reporting.
The AARG discussion will cover the latest global inspection survey results conducted by International Forum of Independent Audit Regulators (IFIAR), updates on audit regulatory initiatives, audit inspection findings and case studies in respective jurisdictions. Urgent issues in relation to shortage of qualified audit personnel and inability to react to changes of professional standards and more complicated structural transactions, will also be addressed to support market readiness for current dynamic environment resulted from freer flow of capital and ever more connected capital markets and economies.”
“In the past years, the SEC has put a lot of efforts to uplift professional standards and audit quality in the Thai capital market in line with international standards to increase transparency in auditor supervision, trustworthiness of listed companies’ financial reporting and international recognition. This include rule revisions to require SEC approved auditors work for audit firms having audit quality control system and inspections to ensure the quality assurance of audit firms’ procedures both firm and engagement levels. Thus, the quality of SEC’s auditor supervision has been internationally recognized, as evidenced by IFIAR’s acceptance as a member in 2010. In addition, the European Union’s endorsement in 2013 also facilitates Thai companies’ securities offering in the EU members as Thai auditors are allowed to audit and certify their financial statements without having to register with independent audit regulator of each EU member state,” Vorapol added.