The Role of Auditing Standards in Thailand: Enhancing Transparency and Building Confidence in the Capital Market.

Abstract

Auditing standards play a crucial role in enhancing the transparency of financial information and building trust in capital markets, both domestically and internationally. Thailand has adopted international auditing standards and integrated them with local requirements to align with the business and legal context of the country. The "Big Four" firms Deloitte, PwC, EY, and KPMG-have played a key role in advancing these standards. They also promote the use of technologies such as Artificial Intelligence (AI) and Data Analytics to improve the accuracy and efficiency of auditing processes. The main challenges in the future include rapid technological changes, increasing stakeholder expectations, and new regulatory frameworks. As there are still significant opportunities for audit development through investments in technology in Thailand, upskilling of audit professionals to have high-quality auditing standards and reinforcement of ethical standards within the profession can help reduce the risk of fraud and strengthen investor confidence. Future recommendations for auditing development emphasize ongoing professional training, the adoption of advanced technologies, and international collaboration. These strategies aim to elevate Thailand’s audit practices to align with global standards and foster sustainable trust in the capital market.