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Annual Audits in Thailand
Thai law states that any registered legal entity in Thailand (applicable to all company structures) is required to prepare and submit its accounts for an annual audit.
Failure to undergo an annual audit is a criminal offence and guilty parties are subject to a penalty of up to 200,000 THB.
What is an Annual Audit?
All registered companies and entities in Thailand must complete an annual audit, regardless of whether the company has traded over the past year or not. This audit must be filed within 150 days after the close of the accounting period.
The annual audit must be completed by an independent certified auditor, companies are not permitted to complete their own audits. Once the audit has been completed, it must be signed by the company director, approved by shareholders, and filed with the Commercial Registration Department and the Revenue Department of the Ministry of Finance (MOF).
For private limited companies, an annual meeting of shareholders must be arranged in order to approve the company’s audited financial statement. This meeting must be held within four months of the end of the fiscal year. The filing of the audited statement and supporting documents must be made no later than one month after the date of the shareholder meeting.
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All audits are completed by a qualified and independent audit firmChamp d'application
- Completion of all required accounting tasks. This includes the general ledger, general journal and trial balance.
- Prepare and submit all required financial statements.
- Answering questions in relation to the auditing process.
- Advise on post audit process and compliance.
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What is the process for an annual audit?
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Collecting documents and preparing the audit
Our accountant will collect and collate all the required documents in order to complete the audit.
Délais
x business days
Submit the Audit
Once complete, our accountant will submit the audit to the company director for review and approval.
Délais
Un jour for filing the application.
Questions fréquemment posées
After the audit has been completed, what do I need to do?
After the auditor has completed and signed the Audit Report, the company must arrange a meeting of the shareholders to approve the audit. The process for arranging the meeting is as follows:
- Release a notification to the public announcing that there will be a meeting of the shareholders. This is usually done in a local newspaper.
- Within 7 days of the announcement being published, send a formal invitation to all shareholders.
- Create minutes of the meeting.
- Complete all the formal requirements within 30 days of having the audit report signed by the auditor.
What are the required documents for an audit?
The following documents are required:
- Income and expenses for the year (the government receipts plus the form PND 1, 3, 53; PP 30, 36; Por Tor 40, and Social Fund payments).
- Bank statement for every corporate bank account (current, savings account).
- Inventory.
- Stock Cards.
- Lease agreements.
- A copy of any title deeds for land purchased by the company.
- Annual Audit for the previous year.
- The Company seal.
- Half Year Report (PND 51).
What language do the required documents need to be in?
Documents may be submitted in any language, however, a Thai translation must also be included.
What happens if I do not submit an audit?
Failure to submit an audited financial statement within the required timeframe could result in a fine of up to THB 200,000.
When must audits be submitted?
In Thailand the tax year follows a 12-month period which ends December 31. Audits must be submitted within 150 days of this date.
Please note that a company may choose its own accounting period (must not exceed 12 months). If a company follows its own accounting period, the audit is due within 150 days of the end date.
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