Legal service for foreign clients
Statutory Audit by Licensed CPAs in Thailand
Audit reports accepted by the DBD, with control observations you can act on.
Quick answer
Every Thai limited company needs an annual audit by a licensed CPA, even with no revenue; statements must be approved by shareholders within four months of year-end and filed with the DBD within one month of approval. Small registered partnerships under the Revenue Department's capital, asset and revenue thresholds may instead use a Tax Auditor (TA). Fieldwork follows Federation of Accounting Professions standards: third-party confirmations, inventory counts, and fraud-risk assessment.
Contact our team for a quotation — contact our team for a quotation, scaled by revenue and transaction complexity · Fieldwork is planned around meeting and filing deadlines, subject to record readiness
Who this is for
- Limited companies filing annual statements
- Businesses needing audited figures for bank credit
- BOI-promoted companies
- Companies preparing a sale or new investor
What you receive
- Auditor's report with complete financial statements
- Notes prepared under TFRS for NPAEs
- Management letter with control findings
- Working papers for next-year reference
Documents to prepare
- Trial balance and full general ledger
- Bank and counterparty confirmations
- Year-end inventory count sheets
- Shareholder and board minutes
How it works
5-step process
- 1
Audit planning
Account-level risk assessment and materiality setting.
- 2
Test internal controls
Sample the receipt, disbursement, and approval cycles.
- 3
Substantive testing
Confirm receivables, payables, deposits, and verify assets.
- 4
Clear findings with management
Proposed adjustments are discussed before reporting; the auditor's opinion stays independent and depends on the evidence obtained.
- 5
Issue report and file
The CPA signs and we file through DBD e-Filing.
In depth
Statutory Audit by Licensed CPAs: what foreign clients need to know
Every Thai limited company must have its financial statements examined by a licensed auditor each accounting period, revenue or not. The misunderstanding that costs companies time and money is assuming the audit begins once the books are closed. In practice the quality of evidence kept through the year decides whether the audit finishes quickly and cleanly. This page explains what an auditor looks at, what gets requested, and how to prepare ahead.
Where an auditor looks for risk first
An audit starts by understanding the business, then targeting where the numbers could be materially wrong. In retail and services that is usually revenue and cash; in manufacturing, inventory and cost; in groups, transactions with related entities. Knowing which category you fall into lets you build the evidence file where it matters instead of preparing everything equally.
The strongest evidence comes from outside the company: bank confirmations, receivable and payable confirmations, carrier documents from third parties. Internally prepared paper ranks below that, so capturing external evidence as transactions occur reduces audit questions far more than adding ten more internal summaries.
The four audit opinions and what each means for you
An unqualified opinion says the statements present position and performance in line with the framework used. A qualified opinion means one or two matters lacked sufficient evidence or were disagreed with, without affecting the overall picture. An adverse opinion or a disclaimer is read immediately as risk by banks and trading partners.
In mid-sized companies a qualification usually stems from process, not manipulation: no inventory count at period end, no confirmation sent to major debtors, and undocumented loans to directors. All three are avoidable with planning two months before the period closes.
The pre-year-end preparation schedule
Two months out, review long-outstanding receivable and payable balances and decide on allowance or write-off. One month out, fix the inventory count date and tell the auditor so they can observe. In the first week after period end, request bank confirmations for every account, including dormant ones.
What people forget is the legal paperwork an auditor must read: the year's shareholder and board minutes, live lease and loan agreements, and guarantees the company has given. This set drives the note disclosures, which are the hardest part to reconstruct after the fact.
Cost structure: government fees vs professional fees
| Item | Official fee | Professional fee | Note |
|---|---|---|---|
| Audit of a dormant or low-revenue company | Statement filing fee at the Department of Business Development's published rate | Contact our team for a quotation | Includes standard-form note disclosures |
| Audit of a mid-sized trading or service company | Statement filing fee at the published rate | Contact our team for a quotation | Depends on transaction volume, number of branches and how ready the files are |
| Audit of a manufacturer or a company within a group | Statement filing fee at the published rate | Contact our team for a quotation | Includes count observation and review of intragroup items |
A factory that nearly took a qualification for skipping the count
Situation: Inventory was a large share of assets yet no period-end count had been done for two consecutive years
What we did: We ran a count with a roll-back review of movements between count date and period end, and documented the counting procedure for future years
Illustrative example; outcomes depend on the facts and the authority's decision.
A family business with undocumented director loans
Situation: The loan balance grew yearly with no agreement, no interest rate and no board resolution
What we did: We papered what the facts supported, set a market-referenced interest rate, and put a resolution to the board ratifying the arrangement
Illustrative example; outcomes depend on the facts and the authority's decision.
When to act, and when waiting is fine
The accounting period ends in two months
Start reviewing aged balances and fix the count date now; neither can be recreated later
A bank has asked for statements to review a facility
Check for outstanding audit observations first and send an explanation with the statements
You are appointing a new auditor
Send last year's statements and closing papers in advance so the opening balances take less time to understand
The company had no activity at all this year
You still need an audit and a filing on time; skipping a year accumulates penalties and complicates any future closure
FAQ
Frequently asked questions
What is the penalty for late filing?
Both the DBD and the Revenue Department can impose fines; amounts depend on entity type, offence and delay, so check current rates with each agency.
How long may the same CPA serve?
No cap for private firms; listed companies must rotate under regulatory rules.
Do dormant accounts need an audit?
Yes for limited companies — even nil statements need a licensed CPA; qualifying small partnerships may use a Tax Auditor.
Does a very small company still need an auditor?
A limited company needs a licensed auditor every period; small registered partnerships have relief thresholds tied to published asset and revenue limits.
Can the bookkeeper and the auditor be the same person?
No. Independence prevents the auditor from having prepared the very records being examined.
How long does an audit take?
With files in order, two to four weeks is typical; reconstructing records can stretch it to two or three months.
What happens if the statements are filed late?
There are penalties on both the company and its directors, and the late-filing record is visible to counterparties and lenders.
Related services
Financial Statement Closing & Back-Year Cleanup
Auditable closing packs, with likely penalties identified before back-filing.
Internal Controls Design & Internal Audit
Close fraud gaps with process, not with trust.
TFRS & IFRS Conversion
Bring statements up to the standard investors, banks, and exchanges expect.
Written by: Thai Law & Accounting Services — attorneys and licensed accountants
Professional review: A lawyer must review the applicable law and facts before use in a real matter. This notice does not establish that this page has been reviewed or certified by a lawyer.
Last updated: 2026-08
Information as of August 2026. Government fees and processing times change — verify with the relevant agency before acting, or let our team verify for you.