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Audit of a Thai company, financial statements, accounting, consulting in Thailand

Audits in Thailand are mandatory for all registered enterprises. Companies must maintain accounting records and prepare financial statements in accordance with national accounting standards, and audits must be performed by an independent, licensed auditor. Our audit services include bookkeeping, preparation of financial statements, coordination and conduct of statutory audits, filing of tax returns, and advisory support on tax matters and CFC reporting.

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Service packages Legislation Tax System Audit Services
Keeping the company's accounting records

Maintaining a systematic archive of company documents and providing them to the client upon request.

200 USD per hour
Preparation and submission of accounts, audit

(Depending on the type of work and the qualifications of the person employed, but not less than 1 900 USD)

100-400 USD per hour
Registration of a company for VAT
1 200 USD
Preparation and submission of VAT returns

(according to the time actually spent)

200 USD per hour USD
Tax advice on VAT-related and other matters
from 400 USD per hour
Any additional services at the client’s request
200 USD per hour

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General requirements (what companies must file financial statements)

All companies incorporated in Thailand must keep accounting records and be audited annually.

Accounting is regulated by the Accounting Act 2000 and requirements of the Civil and Commercial Code of Thailand.

Companies in Thailand can use the following standards:

  • Thai Accounting Standards (TAS);
  • Thai Financial Reporting Standards for Non-Publicly Accountable Entities (NPAE).

Foreign companies are allowed to use the International Financial Reporting Standards (IFRS).

Financial statements of a Thai company include:

  • Statement of financial position;
  • Profit and loss statement;
  • Statement of changes in equity;
  • Cash flow statement;
  • Notes to financial statements.

An explanatory note to financial statements must include the following information:

  • Criteria of preparation of financial statements;
  • Description of accounting policy;
  • Additional information to the balance sheet, profit and loss statement, cash flow statement and statement of changes in equity.

For the purpose of reporting companies must prepare their documents in Thai. Foreign companies can prepare their documents in another language and enclose a translation.

Approved financial statements including the list of shareholders must be presented to the Revenue Department and the Commercial Register within one month after the meeting of shareholders.

An annual meeting of shareholders held to approve financial statements must take place within four months after the end of the financial year.

Companies of Thailand must also publish their balance sheet in a local newspaper.

In accordance with the Accounting Act 2000, enterprises must keep their books of accounts for at least 5 years.

Audit of accounts

Financial statements must be audited and certified by an independent certified auditor. The auditor must express their opinion on the financial statements and prepare an auditor’s opinion, which is required to file financial statements and tax returns.

The Accounting Professions Act of Thailand requires all companies to apply Thai auditing standards.

Public companies listed on the Stock Exchange of Thailand must also make financial statements, which must be audited by Thai auditors quarterly.

Time frame for preparation and submission of financial statements

In Thailand financial year lasts 12 months and ends on 31 December, however a company has the right to choose its own reporting period (not longer than 12 months) and inform the Director General of the Revenue Department of that fact.

Companies must present financial statements not later than 150 days after the end of the financial year.

Liability for late filing

If a company in Thailand does not meet the deadline for filing financial statements and tax accounts, it can be imposed with a penalty of up to 200 000 THB (equivalent to 6 400 USD).

If the delay in filing financial statements is less than 2 months, the penalty will not be more than 4 000 THB.

If the delay in filing financial statements is 2 months to 4 months, the penalty will not be more than 48 000 THB.

If the delay in filing financial statements is more than 4 months, the penalty will not be more than 72 000 THB.

If an enterprise under assesses its profit for the whole year by more than 25%, a 20% surcharge is added to the penalty.

The surcharge is 100% if the tax return is filled out incorrectly and 200% if it has not been filed.

The penalty can be decreased by 50% if the taxpayer files a written application with the tax authority.

Consolidated financial statements

Companies that have subsidiaries (with more than 50% shareholding) must prepare consolidated financial statements for the group of companies.

Frequency Asked Questions

Is audit mandatory in Thailand?
Yes, audits in Thailand are mandatory for all registered companies. Financial statements must be examined and certified by an independent, licensed auditor, and public companies are required to undergo statutory audits and quarterly review engagements of their interim reports.
What is the financial period in Thailand?
In Thailand, the financial year runs from 1 January to 31 December. However, a company can apply to use a different financial year with the approval of the Department of Business Development.
What accounting standards does Thailand use?
Thailand applies Thai Accounting Standards (TAS) for most entities, while the Thai accounting standard for non‑publicly accountable entities (NPAE) applies to non‑public organisations. Foreign companies are permitted to report under International Financial Reporting Standards (IFRS).
What is Thai GAAP?
Thai GAAP refers to the set of Thai Accounting Standards (TAS) that govern bookkeeping and the preparation of financial statements for companies in Thailand. They establish rules for recognition, measurement and disclosure of financial transactions, as well as the presentation of financial statements, ensuring transparency and comparability of financial information.
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