The Thailand Securities & Exchange Commission has instructed Charan Insurance Public Company Limited (CHARAN) to work with its auditor to review its interim financial statements for the first quarter of 2025 and to submit rectified, reviewed statements by 15 September 2025. CHARAN must also disclose the resubmitted financial statements to the public via the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink). The intervention follows the auditor issuing a disclaimer of conclusion because it could not obtain sufficient audit evidence to review CHARAN’s first-time adoption of Thai Financial Reporting Standard 17: Insurance Contracts (TFRS 17) on 1 January 2025. The auditor cited inability to review, among other matters, the source of input data, supporting documents for reconciling data imported into the company’s IT system used to process insurance contract data, assumptions applied, transition-date impact analysis and adjustment transactions, and related interim financial information linked to the adoption. CHARAN is required to file the rectified, reviewed interim financial statements with the SEC and concurrently publish them and related reports via SETLink by 15 September 2025.
Thailand Securities & Exchange Commission 2025-08-15
Thailand Securities & Exchange Commission orders Charan Insurance to rectify and resubmit reviewed Q1 2025 interim financial statements after auditor disclaimer tied to TFRS 17 adoption
The Thailand Securities & Exchange Commission has directed Charan Insurance Public Company Limited to collaborate with its auditor to rectify and review its Q1 2025 interim financial statements, following an auditor's disclaimer due to insufficient audit evidence related to the adoption of Thai Financial Reporting Standard 17. CHARAN must submit the revised statements to the SEC and disclose them publicly via SETLink by 15 September 2025.