Accounting Audit

[Chris747]

We run a SME company and we outsourced all the accounting. From my understanding an Audit checks the books every year. Our accounting company forwards our books to the audit themselves.

 

I have 2 questions about this audit:

 

1) Is the audit made from government represantatives or are those private companies that work for the government?

2) Is the rate for the audit always the same? What factors are responsible for calculating the audit rate? If its done by private companies i assume there are differences in rate?

 

thank you for some clarification

[mark5335]

On 3/28/2024 at 11:50 AM, Chris747 said:

 

1) Is the audit made from government represantatives or are those private companies that work for the government?

2) Is the rate for the audit always the same? What factors are responsible for calculating the audit rate? If its done by private companies i assume there are differences in rate?

 

The annual audit is conducted by licensed CPAs, who are either employed by an Audit & Accounting firm or are sole practitioners. They don't work for the government. They are supposed to be independent. following the audit they submit the finalised annual audited financial statements to the DBD, and the accountant would file them with the Revenue Dept.

 

For a smaller SME with only a moderate sales turnover, the audit fee is typically around 30,000 baht.