Complied With Very Strict New Audit Law?

[junkofdavid2]

Got this from Sunbelt, and I had my (own) accountant take care of it... But I'm not completely convinced my accountant did all parts, especially the "sending of registered mail" to shareholders before April 30.

1) Also, what if some shareholders do not reply? Surely in a big company, not all would reply..

2) Also, I'm confused: Do you advertise on the Government Gazette or a "local newspaper"? Or both? (See below)

URGENT ANNOUNCEMENT

For the Annual Audit 2008, due to changes in the Thai Commercial Law please be aware that:

The Ministry of Commerce has declared a new law whereby the meeting of all shareholders regarding the Annual Financial Audit for the year 2008 must now be announced in the Government Gazette before April 30th 2009. This is in order to avoid any penalty that you may incur in the case of not advertising the said shareholders meeting.

-The Ministry of Commerce will impose a fine of 20,000 THB for the company and 50,000 THB for the director if the new law is ignored.

Here are some of the important changes and additional steps that must take place after the Auditor has signed approving your financial report effective July 2008.

- After the auditor has signed the Audit Report, the company must advertise in a local newspaper announcing to the public that they (Director and Shareholders) will have a meeting discussing the financial status of the business. This announcement must be published within seven days of the auditor signing the Financial Report.

- Also within seven days the company must send an invitation for a meeting to all its shareholders. The invitation must be done by post and each shareholder should reply by post also.

-These letters of invitation, and confirmation from the shareholders to attend the meeting must be kept as proof that the process of Audit has been done according to Thai Law.

-After the meeting has taken place as mentioned in the letter of invitation, the director or person in charge must make minutes of the meeting. The whole process of Audit must be completed within one month of the auditor signing the report.

- The official government deadline for submission of the 2008 Annual Audit is 29 May 2009. However, from the attached timeline you can see the process must be started much earlier.

Edited April 28, 2009 by junkofdavid2