Thailand Securities & Exchange Commission revokes auditor Sulalit Ardsawang’s capital market approval and sets six-year bar on reapproval applications

Thailand Securities & Exchange Commission (SEC Thailand) revoked the approval of Ms. Sulalit Ardsawang of Dharmniti Auditing Co., Ltd. to act as a capital market auditor and set a six-year period during which any new application from her will not be considered, citing serious non-compliance with auditing standards in her audits of Renaissance Fund Management Co., Ltd. for the half-year ended 30 June 2019 through the year ended 31 December 2021. The review followed the earlier revocation of Renaissance FMC’s securities business and derivatives business licenses after findings of a lack of credibility and operational readiness and serious deficiencies in management and internal control systems, including financial statements containing items that did not exist or were misstated and a capital maintenance report that overstated liquid assets. SEC Thailand identified audit failures including not auditing foreign bank deposits, bank deposits and investments in securities trading accounts, capital increases that might have been fictitious, advance accounts, and payroll, consulting fees, and social security contributions, resulting in a failure to detect material misstatements. Although her previous approval expired on 4 August 2025, the six-year period during which her applications will not be considered runs from 25 October 2025.