ANNUAL AUDIT SERVICES

All legal entities registered in Thailand have a legal obligation to organize and keep accounts (this includes limited corporations, registered partnerships and even foreign jural persons conducting business in Thailand). Failing to do so is a criminal offence and any wrong doing in this regard may result in a penalty charge of about 200,000 THB.

There are many steps involved both before and after an audit report has been prepared and you need to choose a service provider that is completely transparent with their pricing of the entire process, not just the minor task of having an audit report drafted and signed.

The following requirements are all included in our audit package:

Accounting (general journal, general ledger and trial balance).
Making the financial statement and submitting it to the revenue office.
Filing the corporate tax and submitting this to the Revenue Department (PND 50) and the Department of Business Development.
4. Post-audit processes (described below).

As a Cloud 7 Legal Services 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.

NECESSARY

DOCUMENTS REQUIRED

Before the auditing process can start, the company to be audited must submit these documents, but if you are a Cloud 7 Services 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, savings account).
Inventory (if any)
Stock Cards
Lease agreement
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)
Company Seal
Half Year Report (PND 51)

POST

AUDIT PROCESS

Several requirements need to be fulfilled after the audit report has been signed. The post-signing procedures are also covered by our auditing package:

1. After the audit has been completed we will send a copy to be reviewed and signed by a director in your company
2. 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
3. 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 needs some preparation time, so feel free to contact us about your firm’s annual audit.