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The research found that the law has enforced all legal entities to conduct accounting process according to the Thai Accounting Standards-TAS issued by Association of Accounting, which has the legal authority to identify and maintain standards in accounting in Thailand. In the process, the responsible accounting officer is obligated to post the accounting process prescribed by Thai Accounting Standards-TASs. If any legal entity does not comply to the TASs, the auditor is permitted to endorse as “Financial statement is not valid,” by making comments that the financial statement do not comply with TASs. Although TASs has not been promulgated into law yet in Thailand, TASs has been enforced currently with four constituencies, including persons responsible to manage accounting duties, directors, accountant, and auditor. Failure to comply with TASs might be charged with criminal punishment and administrative penalties. Thus, failure to comply with TASs would be considered as “Failure to follow the law.” Hence, enforcing effective and efficient legal measures to manage according to TASs will certainly be significant factor to enhance a legal entity to conduct and disclose accounting with accuracy, completeness, in time, and not leading to misunderstanding amongst stakeholders.
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