SEC Elevates Internal Audit Quality for Listed Companies

MGR Online•Economy•1d ago

Reader Briefing

The SEC and the Stock Exchange of Thailand are pushing to upgrade Internal Audit roles from compliance checkers to strategic partners to enhance capital market transparency.

•The SEC is discussing ways to elevate the quality and qualifications of Internal Auditors (IA) for companies seeking to list or conduct an IPO.
•The SEC's three-year vision for the Thai capital market is under the concept 'Growth with Governance'.
•The Stock Exchange of Thailand (SET) implemented new regulations effective July 1 to improve information disclosure tools for audit committees and internal auditors.

Overview

•The SEC is discussing the elevation of quality and qualifications for Internal Auditors (IA) of companies planning to raise funds or launch an IPO.
•Pornanong Busaratrakul stated that Internal Auditors must evolve from being 'police' or compliance checkers to becoming Strategic Partners for company executives.
•The SEC views a shift toward an Early Warning System as necessary because AI and Quantum technologies are creating changes that require proactive risk management.
•Pornanong Busaratrakul emphasized that high-quality internal auditing requires 'Tone at the Top' support from boards and senior executives to ensure IA independence.
•Assadech Kongsiri stated that upgrading internal audit quality is a key mechanism to push the Thai capital market toward becoming a 'Trusted Marketplace'.
•Assadech Kongsiri noted that the SET has found many abnormal behaviors or transactions in listed companies, which affects investor decision-making.
•New regulations aimed at providing better tools for audit committees and internal auditors became effective on July 1.

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Key Entities

Organization

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์)ℹ️

The regulatory body discussing the elevation of internal audit quality under the concept 'Growth with Governance'.

Stock Exchange of Thailand(ตลาดหลักทรัพย์แห่งประเทศไทย)ℹ️

The market regulator aiming to create a 'Trusted Marketplace' through improved internal auditing and disclosure.

Person

Pornanong Busaratrakul(พรอนงค์ บุษราตระกูล)

Secretary-General of the Securities and Exchange Commission.

Assadech Kongsiri(อัสสเดช คงศิริ)

Director and Manager of the Stock Exchange of Thailand.