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Wednesday, March 29, 2023

SEC preps penalties for errant auditors

The Securities and Exchange Commission (SEC) is preparing a fine for auditing firms that make errors, aiming for quality internal control for auditors and a quality external audit process for listed companies.

The move will require capital market auditing firms to register with the SEC Office.

Both issues are part of a review of the Securities and Exchange Act of 1992. The revision of a new draft is expected to be addressed at a meeting of the Finance Ministry within the second quarter of next year.

SEC assistant secretary-general Thawatchai Kiatkwankul said the fines will encourage internal supervision and provide checks and balances within the auditing firms.

“We need the measures that lead to removing, improving or changing parts of the internal management process of auditing companies,” he said. “The fine creates a direct impact on the auditing firm’s net…

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