Accounting Services

STA Quality Accounting Office

STA Quality Accounting Office is supported by government and private agencies. We have received awards and certificates from the Department of Business Development, Ministry of Commerce; the Revenue Department, Ministry of Finance; and the Thai Chamber of Commerce. We are the first accounting office to receive the Outstanding Ethics Award from the Thai Chamber of Commerce and the Outstanding Business Governance Award from the Department of Business Development, Ministry of Commerce. We conduct business based on the principles of good governance, transparency, honesty, social responsibility, and fairness to all involved parties. These principles are reflected in the policies and activities that STA Quality Accounting Office has consistently implemented.

Annual Audit

Service details

STA provides a full audit service under Thai auditing standards, for Thai and foreign-owned businesses alike, run by a professional team of licensed Certified Public Accountants (CPA) and Tax Auditors (TA), who raise the credibility of your financial statements and build confidence with your trading partners, your bank and government agencies.

A rigorous, precise and transparent audit process, so you can be sure the company's financial information reflects reality and that the risks are covered where they actually sit. Our team works through 4 professional methods:

Inspection of documents and significant assets: checking the legal documents and the title to the high-value assets of the business, such as land title deeds, bonds, notes and insurance policies, to confirm they are properly registered.

On-site observation: the team observes your back-office processes in action, for example the payroll run or the inventory count, to assess how tight the internal control system is.

Counting assets and inventory: proving the quantity and assessing the condition of the assets shown in the accounts against what is actually there, to confirm completeness and guard against loss.

Analytical review: analysing how the financial figures relate to the wider picture of the business, to detect unusual movements or turning points in time.

Scope of service

1. Auditing the financial statements under auditing standards
We work strictly under generally accepted auditing standards, assessing whether the accounting principles the business has chosen are appropriate, testing the internal control system, and examining the substance of the financial transactions, so your financial statements are as accurate as they can be.

2. Observations to improve the organisation (Management Letter)
The main purpose of an audit is not to catch people out or to look for fraud, but if the team finds errors or gaps in the internal control over accounting, we prepare a report of the observations with strategic recommendations and deliver it directly to management, to close the leaks and strengthen the back office.

3. A straightforward opinion in the audit report
We issue the audit report certifying that the financial statements are correct in all material respects under generally accepted accounting policies. If any item requires a different opinion, for example a qualified opinion, the team will explain the detail and work through it with you closely to agree a way forward before the final report is issued.

Benefits to be received

What you get when STA audits your financial statements
We work to make your financial statements credible and strictly compliant with the auditing standards of the Federation of Accounting Professions, delivering more than an ordinary audit, through 8 things:

1. Proof of accuracy and full transparency
The evidence supporting the accounting entries is tested thoroughly and rigorously, to confirm that every figure has a source, and to guard against fraud and error.

2. Financial statements that reflect the right standards
The team assesses whether the accounting policies and financial estimates chosen are appropriate, so your statements reflect the true financial position and follow international standards.

3. Confidence for banks and investors
We assess whether the disclosures and the overall presentation of the statements are appropriate, so your information is transparent, easy to read and credible to every stakeholder.

4. An audit report signed by a CPA
We deliver the audit report with a straightforward opinion on the annual financial statements, signed by a licensed Certified Public Accountant, so you can use the statements for legal purposes or to grow the business with confidence.

5. An expert adviser with you throughout
In-depth advice on accounting and tax, answering questions and settling management's concerns. Easy to talk to, clearly explained, without complicated technical jargon.

6. No worry about government filing deadlines
We prepare and submit the annual financial statements through the Ministry of Commerce system (DBD e-Filing), complete and on time, avoiding late-filing penalties.

7. Corporate tax handled safely
We prepare and file the annual corporate income tax return (PND 50) so that it agrees precisely with the financial statements, closing off the risk of a back-tax assessment.

8. A stronger back office (Management Letter)
We do not just check the numbers. We deliver a letter of deficiencies reporting the weak points in your internal control and your accounting methods, sent directly to management, with recommendations you can use to close the gaps and prevent losses in future.

Criteria for calculating service fees

Audit fees

Dormant company, no activity at all during the year
- From THB 5,000 a year
This means a business with no income, no expenses and no accounting movement for the whole year. It has to be confirmed in writing every year.

A business with activity
Priced case by case, because the structure and complexity of each industry differ so much. We price on the actual audit work required, not on registered capital or revenue alone.

What we assess the fee on
- Revenue and the volume of accounting transactions for the year
- The number of bank accounts and how hard they are to reconcile
- Whether there is inventory, and whether a stock count has to be observed
- How many fixed assets there are and whether depreciation is complex
- Whether there are cross-border transactions or BOI privileges
- The quality of the accounts submitted for audit. Books that are closed untidily clearly add audit time
- Whether several companies in a group have to be audited at the same time

Other conditions
- Prices exclude 7% VAT
- This fee is for the audit only, separate from monthly bookkeeping and year-end closing fees
- For a client already using STA's monthly bookkeeping service, the year-end closing is included in the monthly fee, so the audit fee is the only additional item each year
- Specialist work, such as an interim review, an internal control audit, a BOI privileges audit or a special-purpose audit, is priced per project

Complete dormant-company package
A business that has not started trading can combine the whole year's bookkeeping and the audit into one package at THB 10,000 a year, which is cheaper than engaging monthly.

Get a quote online and see the price range before you decide. Answer 6 short questions in under 2 minutes and the system estimates a range straight away from your actual document volume and type of business. The team then comes back with a quotation within 1 working day. Go to www.account.co.th/quote or use the Request a Quote menu at the top of the site.

Note: the range the system estimates is a preliminary figure based on what you enter yourself. The team always confirms the real price after seeing the actual documents.

Work steps

To keep the audit of your financial statements running smoothly, compliant with auditing standards, and genuinely useful for improving your back office, STA works as follows.

1. Planning and fieldwork (Audit Execution)
Our team of licensed Certified Public Accountants (CPAs) carries out the work under generally accepted auditing standards, testing the significant account balances, assessing how tight the internal control system is, checking that the disclosures in the financial statements are correct, and assessing whether the accounting principles and financial estimates the business has chosen are appropriate, so the statements reflect the real position of the business as closely as possible.

2. Observations and deficiencies reported to management (Management Letter)
The main purpose of an audit is not to catch people out or to hunt for fraud. But if during the work the team finds errors or gaps that put money at risk, the firm prepares a report of the internal control and accounting weaknesses and sends it straight to management, so you can fix the leaks in time.

3. Review of the opinion and issue of the audit report (Audit Opinion and Discussion)
We conclude the work and give our opinion in the audit report on whether the financial statements present the financial position and results of operations fairly in all material respects, in accordance with accounting standards. If the outcome means the report has to be something other than unqualified, for example a qualified opinion, the STA team meets you to explain the reasons and the facts and to work through the options with you before the final audit report is issued.

Documents to be prepared for the company

To make the audit of your financial statements accurate, fast and as useful as possible, STA groups the documents your accounting team and management need to prepare for the auditor as follows.

1. Corporate and operational documents
Legal documents of the company: a copy of the company affidavit, the shareholder list (Bor Or Jor 5), meeting minutes, and any operating licences.
Structure and internal control: the organisation chart with names and positions of the people responsible, the policies and working manuals of each department, and the company's internal control manual.
Binding contracts: the originals of employment contracts, leases, sales contracts, and any document creating a long-term obligation for the business.
Management representation letter: confirming accounting policies, financial estimates, transfer pricing policy, and the government submission forms (Sor Bor Chor 3 and Sor Bor Chor 5).

2. Financial statements and main ledgers
Annual financial reports: the trial balance, the statement of financial position and the profit and loss statement.
Books of prime entry and ledgers: the daily books (purchases, sales, receipts, payments), the general journal and the general ledger, with all related books.

3. Cash, assets and inventory
Bank accounts: passbooks, bank statements and bank reconciliations for every account.
Fixed assets: the fixed asset register with title documents, to prove existence and to check the depreciation calculation.
Inventory: the aging inventory report, the production cost and cost of sales calculation, and the report comparing cost with net realisable value (NRV).

4. Receivables and payables
Accounts receivable aging report.
Accounts payable aging report.

5. Tax and Social Security documents
Corporate income tax: the annual tax computation, with add-backs and exemptions under the Revenue Code, and copies of the prior year PND 50 and of PND 51.
VAT and specific business tax: input and output tax reports with the tax invoices, copies of PP 30 and PP 36 for cross-border transactions, with the receipts.
Withholding tax and payroll: for employees, the payroll computation report, the employee register, copies of PND 1 and PND 1 Kor with receipts. For suppliers and companies, copies of PND 3, PND 53 and PND 54 with receipts.

6. Provisions and working papers
The employee benefit computation under the accounting standards, for example the retirement compensation provision.
A summary of the key accounting issues, and the working papers used to support the audit report.

Document receiving time

How long the audit takes, counted from the day we have every document on the list

- A small business with simple accounts and no inventory - about 2 to 4 weeks
- A typical business with stock and fixed assets - about 4 to 8 weeks
- A group with several companies, or with cross-border transactions - assessed case by case

Statutory deadlines to allow for
- The shareholders' meeting to approve the financial statements must be held within 4 months of the accounting year end
- The financial statements must be submitted to the Department of Business Development within 1 month of that meeting
- The PND 50 return must be filed within 150 days of the accounting year end

A business with a 31 December year end should therefore get its documents to the auditor by the end of February, leaving time to fix anything found before the meeting date.

The busiest period. January to May is closing season for the whole country. A business that contacts us in April usually does not leave enough time for a careful audit. Agree with your auditor before the year end.

What slows an audit down most is not the auditor's process, it is documents arriving incomplete, especially the bank reconciliations, the receivables aging report, and the inventory report with costs. Prepare those three first.

Frequently asked questions

1)
Q: What auditing services does STA provide?
A: We provide internal auditing, accounting auditing services for government organizations, limited companies, and public companies.

2)
Q: What is the satisfactory and acceptable sampling volume for each business type by the Revenue Department?
A: The Revenue Department does not specify this. However, it is at the discretion of the auditor and auditor to determine the amount of sampling required to obtain sufficient evidence for reporting.

3)
Q: Are financial statements required to be submitted to both the Ministry of Commerce and the Revenue Department?
A: Yes, they must be submitted to both, as stipulated by law. The financial statements must be submitted to the Ministry of Commerce and the financial statements, along with the PND 50 form, must be submitted to the Revenue Department. They may not be submitted simultaneously, but must be submitted within the deadlines set by the Ministry of Commerce and the Revenue Department. The financial statements submitted to the Ministry of Commerce and the Revenue Department must match.