New Thai Standards on Auditing Issued by FAP

New Thai Standards on Auditing are to be issued by the Federation of Accounting Professions (‘FAP’).

Keywords: Audit, Federation of Accounting Professions ‘FAP’, International Standards on Auditing

Following the completion of the International Auditing and Assurance Standards Board’s (‘IAASB’) “Clarity Project”, a comprehensive program to enhance the clarity of its ISAs, the Federation of Accounting Professions (‘FAP’) is in the process of translating into Thai fifty- three International Standards on Auditing (‘ISAs’), to be effective from 1 January 2011 onwards.

Previously, not all ISAs had been adopted by the FAP. However, those which had been adopted had not been modified.

Code Classification of Standards
ISQC International Standards on Quality Control (ISQCs)
Framework Assurance audi
200-99 Audit of historical financial information
  • 200-299
General principles and responsibilities
  • 300-499
Risk assessment and response to assessed risks
  • 500-59
Audit evidence
  • 600-699
Using work of others
  • 700-799
Audit conclusions and reporting
  • 800-899
Specialized areas
1000-1100 International Auditing Practice Statements (IAPSs)
2000-2699 International Standards on Review Engagements (ISREs)
3000-3699 International Standards on Assurance Engagements (ISAEs)
4000-4699 International Standards on related services (ISBSs)