Thailand Securities and Exchange Commission launches consultation on internal auditor qualification and disclosure rules for IPO and SPO companies

The Thailand Securities and Exchange Commission has opened a consultation on proposed amendments that would tighten internal audit requirements for companies seeking approval for initial public offerings of newly issued shares and for secondary public offerings of newly issued shares by listed companies. The main changes would require a company’s chief of internal audit to meet specified professional qualification and experience standards, and would require disclosure of internal auditor information so investors can assess the company’s internal control arrangements. Under the proposal, the qualification requirement would apply whether the company uses an in-house internal audit function or outsources internal audit services. The chief of internal audit would need to hold at least one SEC-recognized internal audit certificate with active status at the time the IPO or SPO application is filed, including Certified Internal Auditor, Internal Audit Practitioner, Certified Professional Internal Audit of Thailand or Professional Internal Auditor Certificate, or another certificate prescribed by the SEC. The individual would also need at least five years of work experience, including at least three years related to internal audit, with nonconsecutive experience permitted and relevant experience determined by the company’s audit committee. Separately, IPO companies, SPO companies and listed companies would have to disclose information on internal auditors in the registration statement for securities offerings and or the annual report, as applicable. The consultation runs until 31 July 2026.