A.M. Audit Group provides auditing services according to Ministry of Commerce standards including GAAP and IFRS. Various types of services are as follows
Service Type
- Annual audit as defined by the Ministry of Commerce
- Check according to customer needs, such as checking for errors.
- Check the accounting records in the customer's accounting system.
- Check the supporting documents for accounting records. whether there is an abnormality or not.
Benefits
- Help reduce errors from risk assessment. If there is a significant risk assessment that will result in an error in the financial statements or not in accordance with financial reporting standards and good internal control systems, will be able to notify the management team to know the weakness or find a solution and deal with it in a timely manner.
- Confidence in financial statements to allocate various budgets. more efficient. Financial statements that conform to auditing standards Including complying with financial reporting standards. This allows the company to use those financial statements in planning various matters correctly, appropriately and efficiently.
- The results of accounting audits can be used to improve business operations. Auditing is the guarantee of an organization in terms of evaluating the operational efficiency and effectiveness of the organization, whether administrative or financial. This allows the results to be used to improve business operations appropriately.
The scope of audit work and certify financial statements of AM Audit Group
- Audit planning
- Risk Assessment (visiting at the customer's company)
- Control test (visiting at the customer's company)
- Examination of content according to the level of materiality
4.1 Inventory Observation (inspected at the customer's warehouse)
4.2 Interim inspection (inspection at the client company)
4.3 Year End inspection visit (visit at the client's company) - Preparation of reports and conclusions
5.1 Review of working papers and issues from Interim audits
5.2 Review of working papers and issues from Year End audits
5.3 Preparation of separate financial statements
5.4 Preparation of consolidated financial statements and auditor report pages
5.5 Preparation of Management Letter
- Check the financial statements. by a team of certified auditors that meet standards By performing audit work according to generally accepted auditing standards. which requires compliance with ethical requirements Including planning and performing audits to obtain reasonable assurance that the financial statements are free from material misstatements. An audit includes performing audit procedures to obtain audit evidence regarding the amounts and disclosures in the financial statements.
The audit method chosen depends on the auditor's discretion. This includes assessing the risk of material misstatement of the financial statements, whether due to fraud or error. In assessing such risks, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the business's internal controls.
An audit includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management. including assessing the overall presentation of the financial statements To believe that the audit evidence received is sufficient and appropriate to serve as a basis for the auditor's opinion. - Propose observations to management. An audit is not intended to find any particular accounting error or fraud. However, the audit results may indicate errors or fraud in some matters. In this regard, the Office will make observations to the executives to acknowledge significant deficiencies in accounting internal control. which was found during the audit work.
- Audits are objective. To be able to express an opinion in the audit report that the financial statements reflect the financial position and operating results. It is materially correct in accordance with the Financial Reporting Standards for Non-Publicly Interested Entities (NPAEs) or the Financial Reporting Standards for Publicly Interested Entities (PAE).
The auditing process of AM Audit Group is divided into 5 steps.
- Audit planning
1.1 Preparing a summary of understanding of business conditions and audited businesses.
1.2 Determining materiality in audit planning and audit performance
1.3 Preparing the initial comparative analysis
1.4 Determining the budget and duration for the inspection
1.5 Meeting with the audit practitioner during the audit planning phase
1.6 Preparation of overall audit plan
1.7 Evaluation of the use of expert work (if any) - Risk Assessment
2.1 Assessment of ongoing risks
2.2 Assessment of risks from business-level controls
2.3 Assessment of risk from control at the item level
2.4 Risk assessment regarding corruption considerations
2.5 Evaluation of estimates by executives
2.6 General journal inspection
2.7 Review of business meeting minutes - Control test
3.1 Understanding the entity's information system
3.2 Understanding the internal control system of the entity
3.3 Testing the control system for receiving and disbursing cash and bank deposits
3.4 Sales control system testing Trade accounts receivable and payment
3.5 Purchase control system testing Trade accounts payable and payment
3.6 Salary and wage payment control system testing
3.7 Testing of cost control and inventory management systems
3.8 Testing of fixed asset control system - Examination of content according to the level of materiality
4.1 Examination of asset classes
4.2 Review of Liabilities
4.3 Examination of shareholders' equity
4.4 Examination of income category
4.5 Examination of expenses and corporate income tax categories - Preparation of reports and conclusions
5.1 Summary of problems and errors found with recommendations.
5.2 Observations from the review
5.3 Summary of adjusted and reclassified items
5.4 Summary of errors that were not adjusted (if any)
5.5 Trial balance after adjustments
5.6 Financial statement working paper
5.7 Income statement paper
5.8 Cash flow statement work paper
5.9 Preparation of a final comparative analysis (after improvement)
5.10 Summary of events after the date of the financial statements
5.11 Examination of the business's continuing operations (Going Concern)
5.12 Report on Related Persons or Businesses
5.13 List of contractual obligations and liabilities that may occur in the future.
5.14 Confirmation letter from a lawyer
5.15 Annual financial statements and auditor's report (excluding quarterly)
5.16 Management Letter (for executives)
Services that include account verification fees
- Examine financial statements and prepare financial statements for executives to check the accuracy of the financial statements. Examining accounting information and financial reports such as balance sheets, income statements, and cash flow statements. and notes to financial statements To evaluate whether such information is complete, reliable and in accordance with the established criteria or not. The auditor is responsible for auditing financial statements to express opinions on the correctness of those financial statements. By following the basic principles as follows:
• Auditor etiquette
• Generally accepted auditing standards.
• Using judgment in observing and doubt like a professional - Check the action Review of procedures Methods of work and duties in the organization to ensure that Sequences of work procedures and responsibilities in each department have been carried out efficiently. according to the procedures set out appropriately This will result in economical use of resources. And the results of that work has achieved the goals set.
- Check operations according to regulations Auditing to ensure that the operations of the organization are in accordance with the laws, rules and regulations of regulatory agencies, and organizational policy regulations.
Additional services
- Prepare corporate income tax forms (P.N.D.50) and submit them to the Revenue Department.
- Prepare S.B.C.3, a copy of the shareholder list (B.O.J.5) and prepare details for submitting financial statements as scheduled. Ready to submit financial statements to the Ministry of Commerce.
- Prepare financial statements in English. (Additional from the Thai financial statements).
For example, important working papers that A.M. Audit Group makes as additional documents.
- Inventories
- Work paper to reconcile the product list on the counting date.
- Work paper reconciles merchandise items on the counting date to the end of the period.
- Work paper, cost per unit test
- Land, buildings and equipment
• Land count work paper building and equipment
• Work paper A paper for testing the calculation of property depreciation.
• Work papers for testing the impairment of assets. - Trade accounts receivable/trade payables
• Working paper summarizing the audit of trade receivables/payables. - Income/cost
• Work papers to check sales and purchases. - Other work papers
• Work paper, Audit Program for each account.
• Working papers, comparative analysis and financial ratios.
*AM Audit Group's auditing service fee is calculated based on information received and agreed upon when accepting the job. If there are changes to the scope and additional information during the audit as a result of changes to the company being audited that result in the time period The office's use of inspections has increased significantly. The office reserves the right to increase the service fee as appropriate. The office will notify the company in advance.
Importance of auditing
Financial management of a business that has been prepared to demonstrate the ability of the management to perform. And the accounting records prepared are to show the status of the business at the end of the accounting period to related persons, consisting of shareholders, executives, management, investors, government agencies. Whether such financial statements are sufficient disclosure depends on the judgment of the certified public accountant. To check the accuracy according to generally accepted accounting principles with various evidence and documents.
Audit is the examination of the accounting books of that business. as well as accounting documents Including other evidence related to accounting whether generally accepted accounting principles have been followed correctly or not.
Auditor or Public Accountant must be registered as "Certified Public Accountant" and provides auditing services. Including giving advice about accounting. Placing an account Consulting about taxation as well as other financial management services that provide services to specific customers.
Auditor's job Must follow the correct inspection methods in various aspects. Preparation of audit reports Giving opinions on financial statements Disclosing information adequately as well as being responsible for the accuracy of the financial statements.
Objectives of the audit
According to Auditing Standard No. 200 on the objectives and basic principles of auditing, the objectives of auditing are specified as follows. “The purpose of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared in material respects in accordance with the financial reporting framework.”
Therefore, the objective of auditing financial statements is to express an opinion that the financial statements show the financial position performance And the cash flow of the business in accordance with generally accepted accounting principles or not.
Auditing
Auditing means the process of compiling and evaluating evidence about the information to identify and report on the level of conformity of that information to established criteria and to communicate the results to interested users.
Audit process
Auditing is the process of gathering and evaluating audit evidence. So that the auditor can summarize the audit results. and can prepare audit reports.
Generally accepted auditing standards
Generally accepted auditing standards refer to guidelines for the work of auditors. The auditor must audit the financial statements in accordance with generally accepted auditing standards set by the Federation of Accounting Professions. Auditing standards consist of basic principles and important audit procedures. Including various practical guidelines related By the present The Federation of Thai Industries has prepared draft auditing standards to replace the current auditing standards.
All types of juristic persons whose duty is to prepare accounts and arrange for auditing of accounts by a certified public accountant or tax accountant before submitting to the Revenue Department and the Ministry of Commerce Tax auditor with expertise and has experience in auditing from leading auditing companies Able to verify all types of businesses in both aspects Service business, production business, real estate business in many industries and can audit both Financial Reporting Standards for Non-Public Interest Entities (NPAEs) and Financial Reporting Standards for Public Interest Entities (PAE).