Under Thai law any registered legal entity (irrespective of whether it is a limited company, a foreign company operating in Thailand or a registered partnership) is obliged to prepare and keep its accounts and file an annual audit.
All legal entities registered in Thailand have a legal obligation to prepare and keep accounts (this includes limited companies, registered partnerships and even foreign juristic persons conducting business in Thailand). Failing to do so is a criminal offence and any wrongdoing in this regard may result in a penalty amounting up to 200,000 THB. There are many steps involved both before and after an audit report has been prepared and it is important that you as a company choose a service provider that is wholly transparent with their pricing of the entire process, not just the minor task of having an audit report crafted and signed.
Our annual audit package includes.
Authentication of signature and other ID such as passports
Authentication and certification of the execution of documents intended for international use
Witnessing contracts and other related documents
Certification of translations
Verification of documents
Authentication of title deeds
Power of attorney
Legalisation of documents
As an Acclime client, you can trust that we will take care of the formalities for you, so that you don’t have to spend hours and days “going through the motions” below.
Before the auditing process can start, the company to be audited must submit these documents, but if you are an Acclime client we will gather the documents for you:
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 for Jan – Dec)
Bank statement for every corporate bank account (current, saving account)
Inventory (if any)
A copy of any title deeds the company might have acquired when purchasing land
Annual Audit for the previous year (Financial Statement, Auditor Report, PND 50 including General Ledger, Trial Balance and Assets Register)
Half Year Report (PND 51)
After the annual audit.
There are several requirements that need to be fulfilled after the audit report has been signed. The post-signing processes are also covered by our auditing package:
After the audit has been completed we will send a copy to be reviewed and signed by a director in your company
If you have any taxes to pay we will inform you of this and once we receive a cheque or cash payment from your company, we will settle your dues with the Revenue Department
After the auditor has signed the Audit Report, the company must:
Advertise in a local newspaper announcing to the public that there will be a meeting of shareholders
Send a formal invitation to all shareholders (within seven days)
Create minutes of the meeting
Finish all formal requirements within 30 days of having the audit report signed by an auditor
As is evident from the description above, the process takes some preparation and time, so don’t hesitate to contact us about your firm’s annual audit.
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