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Summary of the Accounting Profession Act B.E.2547
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Summary of the Accounting Profession Act B.E.2547

          The Accounting Profession Act B.E.2547 is the new law notified to be used in replacement of the Auditor Act B.E. 2505. There are 78 sections and can be classified into 9 categories and the temporary provisions as follows :

          1. Definition of "Accounting Profession”
"Accounting Profession" means the profession of accounting, auditing, managerial accounting, setting thee accounting system, tax accounting, accounting study and technology. In the future, if it turns out that any areas of accounting are important, the Minister of Commerce may issue the ministerial regulation to identify the additional accounting service in this definition such as internal audit, etc.

          2. Federation of Accounting Profession
The Federation of Accounting Profession is the juristic person aiming to promote and develop the accounting profession and has the following duties and authorities.
(1) Promote the accounting study, training and research.
(2) Promote the unity and dignity of members and provide the welfare and benefits among members
(3) Identify the accounting standard, auditing standard, and other standards related to accounting profession
(4) Identify the ethics for persons in the accounting profession
(5) Register the accounting profession, issue the license, suspend or repeal the accounting profession license
(6) Certify the Degree or certificate in accounting profession of various educational institutes in order for the benefit of the member’s application
(7) Certify the knowledge and expertise in the accounting profession
(8) Certify the training curriculum as the expert and certify various types of study for persons in the accounting profession
(9) Control the behaviors and members’ operations of the members and person who register for accounting profession according to the accounting profession’s ethics
(10) Assist, recommend, disseminate and provide service for people regarding the accounting profession
(11) Issue the regulations of the Federation of Accounting Profession
(12) Act as the representative of persons in the accounting profession
(13) Provide advice and recommend the government regarding the policy and problem regarding the accounting profession
(14) Perform other actions according to the objective and duties of the Federation of Accounting Profession according to the Accounting Profession Act B.E.2547.

3. Organization Structure according to the Accounting Profession Act B.E.2547
The Accounting Profession Act B.E.2547 identifies the committees for the benefit of supervising, developing knowledge, promoting the qualified accounting profession standard, and controlling the ethics of persons in the accounting profession. The committees are the accounting profession supervision committee, committee of the Federation of Accounting Profession Act, committee for identifying the accounting standard, the ethics committee, the accounting profession committee in each area and other committees. The structure and components of each committee are as follows