Thailand Annual Audit

The annual audit is important compliance for every legal entity in Thailand. At BLS, we offer a comprehensive annual audit package that involves the following functions.

• Preparing the financial statement and then submitting it to the revenue office
• Accounting functions such as general journal, general ledger and the trial balance
• Filing the corporate tax and submitting this to the Revenue Department (PND 50) and the Department of Business Development
• Completing the required post-audit processes

As mentioned above, in Thailand, it is imperative for every legal entity to maintain accounting records. These legal entities entail various organizations such as registered partnerships, limited companies, and foreign juristic individuals to maintain their accounts. Failing to maintain the accounting books is deemed as a criminal offence resulting in a penalty of around 200,000 Thai Baht.

With BLS, you will be required to submit the following documents for annual audit.

• The bank statement of every corporate bank account, including both, the statement for current account as well as savings account.
• 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)
• Inventory, if any
• Stock Cards
• A copy of any of the title deeds the company might have acquired while purchasing a piece of land.
• Lease agreement
• Company Seal
• Annual Audit for the previous year. This includes documents such as financial Statement, PND 50 including General Ledger, Auditor Report, Trial Balance and Assets Register)
• Half Year Report (PND 51)

After signing the audit report, there are a lot of other requirements that need to be fulfilled. At BLS, we cover the post-audit activities in our annual audit package.

• Once the audit is completed, a copy will be sent to your director for his/ her review and signature.
• In case of any pending tax payments, our concerned officials would inform you, and once we receive your payment, we’d settle the dues with the Revenue Department.
• Once the audit report is signed by the auditor, it is necessary for the company to do the following.
  • Publish an advertisement in the local newspaper, informing the public about the shareholders’ meeting.
  • Send a formal invitation to all the shareholders within 7 days.
  • Prepare the minutes of the meeting
  • Complete all the formal requirements within 30 days of the auditor signing the audit report.

For additional information, and to receive a quote on the annual audit package, connect with BLS today!