Every Company Gets Audited. No Exceptions.
All Thai limited companies must have their annual financial statements audited by a Certified Public Accountant registered with the Federation of Accounting Professions. This is true regardless of your company’s size, revenue, or whether you made a profit.
The audited statements must be filed with the Department of Business Development (DBD) within 5 months of your fiscal year end. For calendar-year companies, that’s May 31st. Miss this deadline and you face fines starting at 2,000 baht for the company plus 2,000 baht for each director.
What the Auditor Reviews
The audit covers five financial statements: Balance Sheet, Profit and Loss Statement, Statement of Changes in Equity, Cash Flow Statement, and detailed Notes – all prepared under Thai Accounting Standards (TAS).
The CPA checks that your records match your bank statements, that expenses are properly supported by documentation, that tax calculations are correct, and that the overall financial picture is fairly presented. If something doesn’t add up, you’ll need to provide explanations or make adjustments before the audit report can be issued.
Auditor Independence Rules
Your CPA must be independent from your company. They cannot be a shareholder, employee, or have any financial interest in your business. Thai law also limits auditor tenure – you cannot use the same individual CPA for more than 7 consecutive years (though you can use the same audit firm if they rotate the signing partner).
Small companies sometimes try to skip the audit or use an unregistered accountant. This doesn’t work – the DBD rejects filings without a proper CPA signature, and the penalties for non-filing accumulate every year.
Common Audit Issues
The most frequent problems we see: missing receipts for cash expenses, intercompany transactions without proper documentation, personal expenses mixed with business costs, and depreciation schedules that don’t match the fixed asset register.
Good bookkeeping throughout the year prevents most audit issues. That’s why we use Xero for all our clients – transactions are recorded in real time with supporting documents attached, so when audit season comes, everything is already organized.
Our Audit Partner
DDES works with CPA partner Dunyarat Ingkawarapornkul, who spent 8+ years at KPMG before joining us. She handles the statutory audit while our accounting team prepares the financial statements.
We coordinate the entire process: financial statement preparation, CPA review, adjustments if needed, and final DBD e-Filing submission. Typical timeline: 2-3 weeks from year-end close to filed audit report.