The Auditing Profession Committee oversees standards for the auditing profession in Thailand. It has appointed 5 working groups to carry out its responsibilities: 1) develop and enhance audit firm quality, 2) monitor ISQM guidance, 3) develop auditor potential and knowledge, 4) audit knowledge for complex IT systems, and 5) monitor progress on international auditing standards. The committee adopts and implements IAASB pronouncements, notifies members of changes, comments on exposure drafts, and reviews Thailand's compliance with SMO3 on auditing and assurance. It follows a due process to approve Thai auditing standards, including public exposure, hearings, and TFAC board approval. Recent actions include standards on quality management and revisions

1. Federation of Accounting Professions (TFAC)
Committee Chart
Accounting Education
and Technology Committee
Thai Accounting
Standard Board
Accounting Profession
Committee
Taxation Committee
Management Accounting
Profession Committee
Accounting Systematization
Committee
1

2. Federation of Accounting Professions (TFAC) 2
The Auditing Profession Committee
The Chairman of Committee
Mr. Winid Silamongkol
Consultant
Mr. Natasek Devahastin
Mr. Pakorn Penparkkul
Asso. Prof. Dr. Virach Aphimeteetamrong
Mr. Supot Singhasaneh
And member of committees

3. Federation of Accounting Professions (TFAC) 3
The Auditing Profession Committee
Authority
I . Promote unity and solidarity in the auditing practice in general.
II. Uphold the dignity of the accounting professions in the field of auditing.
III. Promote and establish standards for accounting professions in the field of auditing.
IV. Promote, educate and suggest experience in the accounting profession to be
consistent with the national economic progress.

4. Federation of Accounting Professions (TFAC) 4
The Auditing Profession Committee
Authority (cont.)
V. Coordinate work with other accounting professions and other professional
organizations and coordinate with foreign countries to be a network of professional
practice under the policy of the Federation of Accounting Professions.
VI. To be a representative of the accounting professions in the auditing field in order to
submit an opinion to the Federationof AccountingProfessions.

5. Federation of Accounting Professions (TFAC)
The Auditing Profession Committee has appointed 5 Working Group for
response authority as follow:
5
The Auditing Profession Committee
2. The Working Group of Monitoring Progress and Developing ISQM Guidance (WG2)
1. The Working Group of Develop and Enhance the Quality of Audit firms(WG1)
3. The Working Group of Developing Auditor's Potential and Knowledge (WG3)
4. The Working Group of Audit Knowledge for Complex IT Systems Business (WG4)
5. The Working Group of Monitoring Progress of International Standards on Auditing(WG5)

6. Federation of Accounting Professions (TFAC) 6
Statement of Membership Obligations 3 –
Audit and Assurance (SMO3)
- Ongoing Adoption and Implementation of IAASB
Pronouncement
- Notify members of all new, proposed, and revised
international standards and other pronouncements
issued by the IAASB
- Promote the use of IAASB practice notes and
other non-authoritative material to provide guidance
and practical assistance
- Comment on IAASB exposure drafts
- Review of TFAC’s Compliance Information
Requirements in SMO3 The Auditing Profession Committee
- WG2 and WG5
- WG1, WG2, WG3, and WG5
- All Working Group
- WG2 and WG5
- The Auditing Profession Committee

7. Federation of Accounting Professions (TFAC) 7
1
2
Studying, Research and Monitoring of
International Standards on Auditing
Planning in preparing Thai Standards on
Auditing from consideration of IAASB
announced and IAASB Work Plan.
3
4
5
6
Preparing draft of Thai Standards on
Auditing and considers the result of study
of effect in Thailand.
Public hearing draft of Thai Standards on
Auditing on the TFAC’s website and/or arrange
understanding seminar or public hearing.
Publish the related article on TFAC’s website or
Newsletter or/and continuously organize seminar
making understanding to practitioner in auditing
Federation of Accounting Professions Board
considered for approval Thai Standards on
Auditing within 1 month. After that, TFAC will
public approved Notification on TFAC’s website.
Due Process

8. Federation of Accounting Professions (TFAC)
Recent, On Going and Upcoming
8
 Have Announcement and will be effective in the future
 On Going Process
 Upcoming Plan

9. Federation of Accounting Professions (TFAC)
ISQM 1
ISQM 2
ISA 220 (Revised)
ISRS 4400 (Revised)
ISA315(Revised2019)
9
Effective in 1 Year Effective more than 1 Year
Effective December 15, 2022
Effective January 1, 2023
Effective December 15, 2023
Effective December 15, 2023
Effective December 15, 2023
Have Announcement and will be effective in the future
Recent, On Going and Upcoming

10. Federation of Accounting Professions (TFAC) 10
Recent, On Going and Upcoming
- Translation and Announcement
CONFORMING AND CONSEQUENTIAL AMENDMENTS TO THE IAASB’S
OTHER STANDARDS AS A RESULT OF THE NEW AND REVISED QUALITY
MANAGEMENT STANDARDS
On Going Process

11. Federation of Accounting Professions (TFAC) 11
Recent, On Going and Upcoming
- Follow up IAASB Work Plan for Revising and Developing Standard in the future
(Audit Evidence, Fraud, Going Concern, Audit of Less Complex Entities)
- Upcoming Seminar
1) Public Hearing ISA 600 (Revised) (after IFAC announcement 3-6 months)
2) Seminar for Making Understanding to practitioner in ISA 315 (revised 2019)
in November 2022
Upcoming Plan

12. Federation of Accounting Professions (TFAC) 12
Problem and Issue
in implementation
- Main problem in implementation is the small and medium audit firm and
sole practitioner request the illustrative example to make clearly understand
for the concept of international standards.
o To reduce the problem, TFAC communicate and give knowledge to auditors and
related stakeholders in various ways such as;
 arrange public hearing according to Due process or training program or
Facebook live.
 issue article or manual or example.

13. Federation of Accounting Professions (TFAC) 13
Questions and Comment

14. THANK YOU