Federation of Accounting Professions

Quality assurance in Thailand is shared between the Federation of Accounting Professions (TFAC) and the Securities and Exchange Commission (SEC). As noted in the jurisdiction-level adoption assessment, the legal and regulatory framework for quality assurance is established, and International Standard on Quality Management 1 (ISQM 1) and International Standard on Quality Management 2 (ISQM 2) are in effect. TFAC has continued to support implementation of the quality management framework through its standards portal, which includes dedicated quality management materials, and through publication of a practical manual on Thai Standard on Quality Management for audit firms.

TFAC has also undertaken implementation support activities for auditors and firms. In October 2022, TFAC organized training on the use of the Thai Standard on Quality Management manual for auditors and small and medium-sized audit firms, covering ISQM 1, ISQM 2, risk assessment, monitoring, and remediation. TFAC has also published a series of quality management guidance materials for members and, according to its 2025 annual meeting materials, continues to provide training courses on audit quality management, develop audit support tools, and disseminate technical articles, documents, and video content through its online channels.

In addition, TFAC reports ongoing cooperation with the SEC, including workshop activity, and continued outreach to members and regional stakeholders on professional development and ethics. These activities indicate that TFAC is no longer merely at the planning stage and has established active measures to support members with implementation of quality management standards and related professional requirements.

At the same time, the quality assurance system at the jurisdiction level has not yet been demonstrated to fully incorporate all Statement of Membership Obligation 1 (SMO 1) requirements for all mandatory audits. Based on publicly available information, further evidence is still needed on matters such as the operation of a cycle-based review system across the full TFAC remit, the sufficiency of review resources, and the linkage between quality assurance findings and the investigative and disciplinary system. Accordingly, TFAC is best assessed at Review & Improve.

TFAC should focus on supporting full alignment of the jurisdiction’s quality assurance framework with SMO 1 by strengthening and evidencing a cycle-based review approach, ensuring adequate review capacity, and reinforcing the connection between quality assurance review outcomes and follow-up investigative and disciplinary processes.

Current Status: Review & Improve

Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions (TFAC) is authorized to promote education, training, and research related to the accountancy profession in Thailand. In line with this mandate, TFAC, through its Education and Technology Committee, has established initial professional development and continuing professional development requirements and programs for professional accountants.

TFAC reports that it has translated and incorporated the 2019 International Education Standards (IES) into its educational framework and professional development programming. Since 2014, TFAC has maintained an established process to evaluate, approve, and accredit university accounting programs in Thailand. As part of this process, TFAC engages with local universities to assess the quality of academic programs and ensure alignment with professional competency requirements.

TFAC has also revised its accreditation processes to align with the revised IES 2, 3, and 4, including the incorporation of learning outcomes and competence areas as mandatory elements within approved curricula. In addition, TFAC has hosted public seminars and awareness sessions on the revised IES and has updated its curriculum and educational requirements to reflect newly issued standards.

With respect to practical experience, TFAC maintains established procedures to monitor compliance with IES 5 requirements. The TFAC sub-committee on Certified Public Accountant qualification reviews and verifies practical training logs submitted by candidates seeking qualification.

TFAC also maintains continuing professional development requirements for members, requiring completion of 120 hours of CPD over a three-year period to maintain membership status.

These well-established and ongoing processes demonstrate that TFAC maintains a sustained framework to support adoption and implementation of the IES and to support members and aspiring professional accountants in meeting the jurisdiction’s educational requirements. Accordingly, TFAC is assessed as Sustain.

Current Status: Sustain

Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions (TFAC) has direct responsibility for establishing auditing standards in Thailand. As noted in the jurisdiction-level adoption assessment, Thailand has adopted the 2025 Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements as Thai Standards on Auditing, generally with a one-year time lag.

Through its Auditing Profession Committee, TFAC maintains an ongoing process to review, translate, and adopt new and revised pronouncements issued by the International Auditing and Assurance Standards Board (IAASB). This process includes translation into Thai, public consultation, approval of final standards, and dissemination through TFAC’s standards portal and other communication channels.

To support implementation, TFAC provides regular training sessions, seminars, and technical guidance on new and revised standards. Recent activities have included online sessions on International Standard on Auditing (ISA) 600 (Revised), International Standard on Quality Management 1 (ISQM 1), International Standard on Quality Management 2 (ISQM 2), and ISA 220 (Revised), as well as supporting materials and guidance for small and medium-sized practices.

TFAC has also translated and disseminated guidance materials to support application of auditing standards by small and medium-sized practices, including implementation resources and technical manuals. In addition, TFAC provides regular updates on IAASB pronouncements through member meetings, website updates, and newsletters.

TFAC also participates in the international standard-setting process through review of and comments on IAASB exposure drafts and consultation papers.

These well-established and ongoing processes demonstrate that TFAC maintains sustained mechanisms to support adoption and implementation of auditing standards and to assist members in applying new and revised standards. Accordingly, TFAC is assessed as Sustain.

Current Status: Sustain

Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions (TFAC) is authorized to establish ethical requirements for professional accountants in Thailand. As noted in the jurisdiction-level adoption assessment, TFAC has established an ongoing process to review, translate, and adopt pronouncements issued by the International Ethics Standards Board for Accountants (IESBA). The 2024 International Code of Ethics for Professional Accountants (including International Independence Standards) has been translated and adopted in Thailand.

TFAC’s Sub-Committee for Ethics Code Setting maintains an established process to review IESBA pronouncements and update the national Code of Ethics. In support of implementation, TFAC has undertaken several activities, including the preparation of explanatory guidance, development of condensed handbook summaries for members, and preparation of ethics education materials for public seminars and technical outreach.

TFAC continues to conduct seminars, webinars, and e-learning sessions across the country to support members with implementation of ethical requirements. In 2022, TFAC further strengthened its approach by incorporating ethics courses into continuing professional development requirements, embedding the Code into educational materials, and expanding online training and awareness resources.

TFAC also actively participates in the international standard-setting process through review of and responses to IESBA exposure drafts and consultation papers, including proposed revisions relating to tax planning and public interest entities, while coordinating with local stakeholders to support national input into the process.

At the same time, the jurisdiction-level adoption assessment indicates that the latest version currently in force is the 2024 Handbook, resulting in a time lag relative to the most current international requirements. Accordingly, TFAC is assessed as Review & Improve.

TFAC should focus on reducing the time lag between issuance of new and revised IESBA pronouncements and their effective adoption in Thailand, while continuing to strengthen awareness and implementation support for members to facilitate timely application of revised ethical requirements.

Current Status: Review & Improve

Under the Ministry of Finance’s Regulation of the Ministerial Division Comptroller B.E. 2557, the Comptroller General’s Department (CGD) is responsible for establishing public sector accounting standards in Thailand. As noted in the jurisdiction-level adoption assessment, since 2018, CGD has issued several Thai Public Sector Accounting Standards and Policies, which are national standards developed with reference to International Public Sector Accounting Standards (IPSAS) and are currently applied on a partial-accrual basis.

Although TFAC does not have direct responsibility for adoption of public sector accounting standards, it reports that it continues to use its best endeavors to support further alignment with IPSAS. This includes providing policy recommendations to CGD on the adoption of IPSAS and participating in CGD’s Accounting Standards Committee.

TFAC’s continued advocacy and technical engagement with CGD demonstrate sustained efforts to support advancement toward full accrual-basis IPSAS adoption in Thailand. Through these activities, TFAC is using its best endeavors within the scope of its mandate to fulfill the requirements of SMO 5.

Current Status: Sustain

The Federation of Accounting Professions (TFAC) is responsible for establishing and implementing an investigation and discipline system under the oversight of the Accounting Professions Regulatory Commission (APRC). In line with this mandate, TFAC operationalized its Committee on Professional Ethics in 2004, which is responsible for overseeing the investigative and disciplinary procedures established under the Accounting Professions Act B.E. 2547 (2004).

Under the Act, the Committee is authorized to issue warnings, probations, suspensions, and removal of licenses and registrations. Appeals by members may be submitted to the APRC, which acts as the oversight and appeal body within the jurisdictional framework.

TFAC reports that its investigative and disciplinary procedures are active and operational. As of June 2023, 34 allegations of misconduct were undergoing preliminary review, 29 allegations had been referred to investigation sub-committees, and 23 allegations were under active investigation before referral to the Committee for possible sanctioning. In total, penalties had been issued to 174 professionals found guilty of misconduct. TFAC also issues quarterly reports on disciplinary findings and provides procedural guidance to members to support understanding of the system.

TFAC maintains an annual review process for its investigative and disciplinary procedures to assess alignment with Statement of Membership Obligation 6 (SMO 6). TFAC has identified areas for improvement, including revisions required to align public disclosure procedures with the Personal Data Protection Act, which became effective in 2022. TFAC has also indicated plans to recruit additional skilled staff to strengthen investigative sub-committees.

These activities demonstrate that TFAC maintains an established and functioning investigative and disciplinary framework and is actively reviewing and strengthening the system. Accordingly, TFAC is assessed as Review & Improve.

TFAC should continue to strengthen alignment with SMO 6 by reinforcing the linkage between quality assurance review findings and the investigative and disciplinary process, ensuring that quality assurance outcomes serve as an effective source of information for potential non-compliance and disciplinary follow-up.

Current Status: Review & Improve

Under the Accounting Professions Act B.E. 2547 (2004), the Federation of Accounting Professions (TFAC) is authorized to develop accounting standards in Thailand under the supervision of the Accounting Professions Regulatory Commission. Through its Thai Accounting Standards-Setting Committee, TFAC develops Thai accounting standards known as Thai Financial Reporting Standards (TFRS) by adopting International Financial Reporting Standards (IFRS) with a one-year delay from the equivalent IFRS effective date.

As noted in the jurisdiction-level adoption assessment, Thailand has adopted IFRS Accounting Standards for all domestic publicly accountable entities through TFRS, with an established ongoing translation and adoption policy. TFAC continues to maintain an active process to review, translate, and adopt new and revised standards issued by the International Accounting Standards Board (IASB), including publication through the Royal Gazette and dissemination through its standards portal.

To support implementation, TFAC conducts regular training sessions and seminars for professional accountants, regulators, academics, and other stakeholders to promote understanding and consistent application of TFRS. Implementation support activities include train-the-trainer workshops for accounting lecturers, technical guidance materials, and Thai-language implementation guides that summarize TFRS requirements and provide illustrative case studies.

TFAC also raises awareness of IASB activities by notifying members and stakeholders of new, proposed, and revised IFRS and actively participates in the international standard-setting process by reviewing and commenting on exposure drafts issued by the IASB.

For entities that are not publicly accountable, TFAC has also established the Thai Financial Reporting Standard for Non-Publicly Accountable Entities as a national framework to support financial reporting by smaller entities.

Given the legal and regulatory framework for adoption of financial reporting standards, TFAC maintains well-established ongoing processes to support adoption, translation, implementation, and stakeholder awareness. Accordingly, TFAC is assessed as Sustain.

Current Status: Sustain