Every registered company in Thailand is required by law to have its financial statements audited annually by a licensed Certified Public Accountant (CPA). Whether you are a small startup or a large multinational subsidiary, understanding these requirements is essential for compliance and business success.
Under the Thai Civil and Commercial Code and the Accounting Act B.E. 2543, all limited companies and registered partnerships must prepare financial statements and submit them to the Department of Business Development (DBD) within five months of the end of the fiscal year. These statements must be audited by a CPA licensed by the Federation of Accounting Professions.
The statutory audit process follows a defined timeline. Companies typically close their books on December 31. Audited financial statements must be approved at the Annual General Meeting within four months of year-end, and then filed with the DBD within one month following AGM approval. Delayed submissions incur penalties, with serious repercussions for repeated violations.
A statutory audit evaluates whether financial statements accurately reflect a company's financial position. The auditor examines accounting records, internal controls, and supporting documentation to provide an independent assessment, following Thai Standards on Auditing (TSAs), which are consistent with International Standards on Auditing (ISAs).
Arbor Thailand's team of experienced CPAs delivers comprehensive statutory audit services for organizations of all sizes. With over 17 years of professional experience, we help businesses navigate Thailand's regulatory requirements with confidence. Contact us to schedule a consultation.