Annual Audit in Thailand

Internal, External or Statutory - We can Plan & Execute your Audit

Annual Audit in Thailand for Thai and Foreign Companies

Annual Audit in Thailand is mandatory for -
Thai Private Limited Company
Thai Public Limited Company
Foreign Company in Thailand active as:
Representative Office in Thailand
Regional Office in Thailand
Branch Office in Thailand

Why do you need Annual Audit in Thailand?

The two most Unavoidable Reasons for Annual Audit in Thailand are:

1. According to Thai Law, Limited Companies, Registered Partnerships and foreign juristic persons doing business in Thailand must pay tax in accordance to the governing taxation policies of Thailand, and,
2. Failure to do so is an offense, and any violation in this regard could result in a fine of up to 200,000 THB.

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Our Annual Auditing Package

Annual Audit and Financial Statement for the Concerned Fiscal Year
Issuance of Financial Statement
PND 50 Filing
Financial Reporting to Department of Business Development & Revenue Department
English Translation Service
Bookkeeping according to Thai Accounting Standards
Update of Affidavit and Shareholder List
Annual PND 1 Kor Filing
Annual Workmen Compensation Fund Filing
As a Konrad Legal client, you can be assured that we will handle the formalities for you, so you won't have to waste time going through the procedures.

Document Requirements: Annual Audit in Thailand

For Annual Audit in Thailand you must submit necessary documents before the auditing process can begin.
However, if you are avail our services, we will do the paperwork for you:
Income and Expenses for the year: Government receipts plus the form PND 1, 3, 53; PP 30, 36; Por Tor 40, and Social Fund for Jan – Dec.
Bank Statement of every Corporate Bank Account
Inventory (if any)
Stock Cards
Lease agreement
A copy of Title Deeds of land purchase by the company (if any)
Annual Audit for the Previous Year: Financial Statement, Auditor Report, PND 50 with General Ledger, Trial Balance and Assets Register
Company Seal
Half Year Report (PND 51)

Our Post-Audit Process

Following the signing of the audit report, there are numerous obligations that must be met. Our auditing package additionally includes the following post-signing processes:
First Step: We will submit a copy of the audit to be reviewed and signed by a director in your firm after it has been finished.
Second Step: We will notify you if you owe any taxes, and we will settle your liabilities with the Revenue Department once we receive a cheque or cash payment from your company.
Third Step: Following the auditor's signature on the Audit Report, the company must:
Place an advertisement in a local newspaper informing the public about a shareholder meeting.
Bookkeeping according to Thai Accounting Standards
Within seven days, send a formal invitation to all shareholders.
Create minutes of meetings.
Within 30 days of receiving an audit report signed by an auditor, complete all formal obligations.
As you can see from the above explanation, the procedure requires some planning and time, so please don't hesitate to contact us about your company's annual audit.

Frequently Asked Questions

What is the Auditing Standard in Thailand?

If you want to know about Thai Auditing Standards in details, read this – https://www.konradlegal.com/blog/here-must-know-auditing-standards-thailand/

Do you provide Auditing Service for Thai companies or is it only for Foreign Companies in Thailand?

We provide Audit Service to both Thai companies and Foreign companies in Thailand.

On what basis Statutory Financial Audits are done?

Statutory Financial Audits are done according to the Thai Financial Reporting Standards.

I have a Thai Limited Company. When should I submit the financial statements?

Be it a Thai limited company or a Public Limited Company the financial statements must be submitted within a month from the general meeting date on which they were approved.

How an Internal and External Auditor differs?

Internal Auditors are a part of an organization and their objectives are determined by the professional standards, the management and the board.

On the other hand, External Auditors aren’t engaged by an organization, but they aren’t a part of it. As for their objectives, they are set by the statute and the Board of Directors.

How audits are selected?

The selection is done through a risk assessment process. However, there are many factors that affect the activities, functions or units and departments selected to be audited.

Annual Audit in Thailand

Internal, External or Statutory - We can Plan & Execute your Audit