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SEC and FAP jointly launch the New Auditor’s Report Educational Project

Bangkok, June 16, 2016 – The SEC in cooperation with the Federation of Accounting Professions (FAP) under the Royal Patronage of His Majasty the King is organizing the New Auditor’s Report Educational Project to prepare auditors for the launch of the new official auditor’s report at the end of the year.  

Senior Assistant Secretary-General Prakid Punyashthiti said: “Starting from the financial period ending 31 December 2016 onwards, the form and content of the auditor’s report will contain some significant changes in line with the latest international auditing standards. This includes presentation of auditor’s concerns with key risk factors and risk handling methods clearly identified.”
The New Auditor’s Report Educational Project aims to provide knowledge and usage guide to the new auditor’s report while keeping auditors, users of the auditor’s report and stakeholders abreast of the changing international auditing standards.

The SEC renders financial support for the project to run educational activities via various channels including production of an auditor’s reporting handbook and organization of preparatory guideline seminars for auditors in the capital market, chief financial officers, audit commitees, securities analysts and investors.   
“We expect that this latest collaboration with the FAP will provide more knowledge and understanding of the new auditor’s report criteria and encourage auditors and users of such report to make necessary preparation before the new international auditing standands become effective. On a wider scale, we wish to see users of financial statements take more advantage of the auditor’s report before making investment decisions and be able to apply it appropriately for stakeholders’ best interest and the sustainable development of the reilable financial reporting system,” Mr. Prakid added.