The Thailand Securities and Exchange Commission has instructed KWI Public Company Limited to conduct a special audit after the company’s auditor identified potential transaction irregularities. KWI must submit the special audit report to the regulator within 30 days from 25 April 2025 and disclose it via the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink). The audit committee had reported auditor observations including expense disbursements without supporting documents, expenses not linked to normal business operations, and consulting service fees whose accuracy and occurrence could not be validated, as well as issues related to a land-purchase deposit and management of asset utilisation. The SEC also raised concerns over loans to two legal entities that later became shareholders in KWI. Under Section 58(3) of the Securities and Exchange Act B.E. 2535 (1992), the SEC required the special audit to examine facts over the past three years and to be performed by a Big 4 audit firm that is different from the auditor that provided audit services to KWI during that period.
Thailand Securities & Exchange Commission 2025-04-25
Thailand Securities and Exchange Commission orders KWI to appoint an independent Big 4 firm for a special audit into suspected transaction irregularities
The Thailand Securities and Exchange Commission has mandated KWI Public Company Limited to conduct a special audit after potential transaction irregularities were identified by its auditor. The audit will cover the past three years and must be conducted by a Big 4 audit firm different from KWI's current auditor. Concerns include unsupported expense disbursements, questionable consulting fees, and loans to entities that became KWI shareholders.