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52-719: After the establishment, Sanoh tapped many well known individuals, such as former Deputy Prime Minister Purachai Piemsomboon , Head of the Office of the Attorney General Khunying Jaruvan Maintaka and Secretary General of the Chaipattana Foundation Sumet Tuntivejakul , to be the leader of the party, but all of them turned down the offer. Thus, Sanoh became the leader with Prachai Leophai-ratana elected as Secretary-General and Pramuan Rujanaseri elected as

104-513: A hands-on management tool for achieving continual improvement in an organization. To benefit the organization, quality auditing should not only report non-conformance and corrective actions but also highlight areas of good practice and provide evidence of conformance. In this way, other departments may share information and amend their working practices as a result, also enhancing continual improvement. A project audit provides an opportunity to uncover issues, concerns and challenges encountered during

156-543: A memo from the Office of King Bhumibol Adulyadej 's Principal Private Secretary, advising that the situation be resolved. The SAC concluded by unanimous vote that the royal command that appointed Jaruvan was still in effect, despite the Constitution Court's ruling that her appointment was illegal and unconstitutional. A military coup overthrew the Thaksin government on 19 September 2006. The junta abrogated

208-438: A new project manager is provided, there is no indication the projects in trouble and there is a need to report whether the project is as opposed to where its supposed to Informal audits can apply the same criteria as formal audit but there is no need for such a in depth report or formal report. An energy audit is an inspection, survey and analysis of energy flows for energy conservation in a building, process or system to reduce

260-513: A state budget of over 30,000 Baht a month. Jaruvan was also accused of taking her two children, Kittirat and Supang, on a government-funded week-long trip to Russia. Jaruvan was appointed to Most Illustrious Order of Chula Chom Klao as a Companion (Third Class), which gives her the title of " Khunying ". Auditing An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination

312-519: Is a financial institution under the direct supervision of the Bank of Thailand , which at the time of the transaction Pridiyathorn Devakula was Governor. Pridiyathorn Devakula defended the FIDF transaction, saying that it was transparent. Chanchai Boonritchaisri, a senior director of the central bank's Legal and Litigation Department, also claimed that the FIDF did not view itself as the damaged party, as

364-603: Is a former Auditor-General of Thailand . She was appointed Auditor-General in December 2001 and refused to leave the office after the Constitutional Court ruled that her nomination was unlawful. She once again refused to give her office up when she reached her pension age and the Council of State ruled that she could no longer stay in the office. Her refusal to leave the office triggered fierce conflicts within

416-410: Is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, roll forward prior year working papers, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that

468-508: Is gaining momentum. And the US Public Company Accounting Oversight Board has come out with a concept release on the same. Cost accounting is a process for verifying the cost of manufacturing or producing of any article, on the basis of accounts measuring the use of material, labor or other items of cost. In simple words, the term, cost audit means a systematic and accurate verification of

520-587: Is married and has three children. She graduated with an MBA from Michigan State University on Thai government scholarship. Upon returning to Thailand, she joined the Thai Office of the Auditor-General. In her auditing and accounting career, Jaruvan served as secretary-general and then vice chairman of the Institute of Internal Auditors of Thailand. She was also an auditing board member of

572-636: Is to measure something or calculate a value for it. An auditor's objective is to determine whether financial statements are presented fairly, in all material respects, and are free of material misstatement. Although the process of producing an assessment may involve an audit by an independent professional, its purpose is to provide a measurement rather than to express an opinion about the fairness of statements or quality of performance. Auditors of financial statements & non-financial information (including compliance audit) can be classified into various categories: The most commonly used external audit standards are

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624-523: The 1997 constitution and dissolved most state organizations created as a result of that constitution, but spared the Office of the Auditor-General. The junta soon made Jaruvan a member of an Assets Examination Committee, tasked with investigating corruption allegations involving projects approved by the deposed government. Jaruvan threatened to resign from the Committee if its scope was not expanded to include all cases of alleged irregularity, including

676-601: The Constitutional Court seeking its ruling on the constitutionality of Jaruvan’s appointment by the Senate. The Constitutional Court ruled on 6 July 2004 that the selection process that led to the appointment of Khunying Jaruvan as auditor-general was unconstitutional. The court noted that the Constitution empowers the SAC to nominate only one person with the highest number of votes from a simple majority, not three as had been

728-484: The Sarbanes–Oxley Act of 2002. Such an audit is called an integrated audit, where auditors, in addition to an opinion on the financial statements, must also express an opinion on the effectiveness of a company's internal control over financial reporting, in accordance with PCAOB Auditing Standard No. 5. There are also new types of integrated auditing becoming available that use unified compliance material (see

780-592: The State Audit Office as some of its officials demanded her to respect the law and filed lawsuits against her. The Administrative Court eventually decided in October 2010 that she must vacate office. Jaruvan is known for her public criticism of deposed premier Thaksin Shinawatra . She has also been criticized for nepotism and lack of transparency, hiring her own son as a personal secretary using

832-716: The AEC. She also accused claimed that Pridiyathorn violated the law by sitting on the Board of Directors of more than three state enterprises. Pridiyathorn later resigned from the junta-appointed government. The FIDF eventually filed charges against Thaksin and his wife, noting that "damage that occurred was not necessarily due to the price received during the auction, but rather technical problems." Jaruvan then sought legal amendments that allowed charges to be filed against public officials by parties who had not been damaged. The AEC also appointed panels to investigate alleged irregularities in

884-657: The Civil Service Commission. She was also a member of the State Audit Commission (SAC, Thai: คณะกรรมการตรวจเงินแผ่นดิน) and Deputy Auditor General in the Office of the Auditor General. Jaruvan was one of three nominees for the position of auditor-general in 2001, along with Prathan Dabpet and Nontaphon Nimsomboon. Prathan received 5 votes from the 8-person State Audit Commission (SAC) while Jaruvan received 3 votes. According to

936-585: The Communist Party of the Soviet Union ( Russian : Центральная ревизионная комиссия КПСС ) operated from 1921 to 1990. An information technology audit , or information systems audit , is an examination of the management controls within an Information technology (IT) infrastructure . The evaluation of obtained evidence determines if the information systems are safeguarding assets, maintaining data integrity , and operating effectively to achieve

988-561: The Deputy Leader. On September 20, 2007, at the party's annual congress, Sanoh Thienthong was voted unanimously to remain leader, but Prachai Liewpairat became the party's chairman. Anongwan Thepsuthin became the new party's Secretary General. On October 5, 2007, Prachai set up a press conference and announced his resignation due to policy conflicts. He and the party's Secretary General resigned and became Matchima Party members. Chienchuang Kanlayanamith replaced Anongwan Thepsuthin as

1040-458: The Office of the Auditor-General. The SAC appointed Puangrat Vongpo , her deputy, as acting auditor-general on July 8. When Puangrat retired on Sept 30, 2004, the commission appointed Jerarat Noppawong na Ayutthaya as acting auditor-general, effective from Oct 1. The State Audit Commission later nominated Wisut Montriwat , former deputy permanent secretary of the Ministry of Finance , for

1092-582: The Thaksin government's 1.4 billion baht rubber seedling project as well as the procurement of CTX 9000 bomb scanners and power supplies for Suvarnabhumi Airport . The Rural Doctors Society has been critical of Jaruvan for the lack of transparency of state audits. As a result, Jaruvan demanded that the Ministry of Public Health investigate the Society. An NGO formally criticized her for hiring her son, Kittirat, as her personal secretary while paying him with

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1144-516: The Thaksin government, including Kaewsan Atibhoti , Nam Yimyaem , and Sak Korsaengreung . The AEC received an hour-long weekly spot to produce a reality show publicizing its work. In January 2007, the AEC requested that the Financial Institutions Development Fund (FIDF) file a charge against Thaksin and his wife over their 772 million baht purchase of four plots of land from the FIDF in 2003. The charge

1196-719: The US GAAS of the American Institute of Certified Public Accountants and the International Standards on Auditing (ISA) developed by the International Auditing and Assurance Standard . Performance audit refers to an independent examination of a program, function, operation or the management systems and procedures of a governmental or non-profit entity to assess whether the entity is achieving economy, efficiency and effectiveness in

1248-639: The amount of energy input into the system without negatively affecting the output(s). An operations audit is an examination of the operations of the client's business. In this audit, the auditor thoroughly examines the efficiency, effectiveness and economy of the operations with which the management of the entity (client) is achieving its objective. The operational audit goes beyond the internal controls issues since management does not achieve its objectives merely by compliance of satisfactory system of internal controls. Operational audits cover any matters which may be commercially unsound. The objective of operational audit

1300-553: The auditor's opinion on the fairness of financial statements or other subjects on which the auditor expresses an opinion. The audit must therefore be precise and accurate, containing no additional misstatements or errors. In the US, audits of publicly traded companies are governed by rules laid down by the Public Company Accounting Oversight Board (PCAOB), which was established by Section 404 of

1352-650: The case. The court stopped short of saying if she had to leave her post. However, when the Constitutional Court ruled on July 4, 2002 that the then Election Commission chairman Sirin Thoopklam 's election to the body was unconstitutional, the President of the Court noted "When the court rules that the selection [process] was unconstitutional and has to be redone, the court requires the incumbent to leave

1404-470: The constitution, State Audit Commission chairman Panya Tantiyavarong should have submitted Prathan's nomination to the Senate, as he received the majority of votes. However, on July 3, 2001, the SAC Chairman submitted a list of all three candidates for the post of auditor-general to the Senate, which later voted to select Khunying Jaruvan Maintaka. For his decision, SAC Chairman Panya Tantiyavarong

1456-541: The cost accounts and records, and checking for adherence to the cost accounting objectives. According to the Institute of Cost and Management Accountants , cost audit is "an examination of cost accounting records and verification of facts to ascertain that the cost of the product has been arrived at, in accordance with principles of cost accounting." In most nations, an audit must adhere to generally accepted standards established by governing bodies. These standards assure third parties or external users that they can rely upon

1508-471: The effectiveness of a quality management system. This is part of certifications such as ISO 9001 . Quality audits are essential to verify the existence of objective evidence showing conformance to required processes, to assess how successfully processes have been implemented, and to judge the effectiveness of achieving any defined target levels. Quality audits are also necessary to provide evidence concerning reduction and elimination of problem areas, and they are

1560-576: The employment of available resources. Safety, security, information systems performance, and environmental concerns are increasingly the subject of audits. There are now audit professionals who specialize in security audits and information systems audits . With nonprofit organizations and government agencies , there has been an increasing need for performance audits, examining their success in satisfying mission objectives. Quality audits are performed to verify conformance to standards through review of objective evidence. A system of quality audits may verify

1612-421: The financial records of a company or a business. Financial audits also assess whether a business or corporation adheres to legal duties as well as other applicable statutory customs and regulations. Financial audits are performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system's internal control . As a result, a third party can express an opinion of

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1664-464: The land was sold to the Shinawatras at a price higher than its then appraised value (about 700 million baht ). The FIDF originally purchased the land from the bankrupt Erawan Trust in 1995 for 2.14 billion; Erawan Trust had seized the land from a defunct borrower for only 103 million baht . Jaruvan countered by complaining to the public about how some state agencies failed to co-operate with

1716-536: The new Secretary General. On December 2, 2008 the People's Power Party was banned by the Constitutional Court of Thailand due to electoral fraud occurring in the run-up to the 2007 parliamentary election . This action automatically resulted in the dissolution of the governing coalition. Thereafter, the leaders of the party including Uraiwan Thienthong (Sanoh's wife) announced that the party would not join any Democrat -led government coalition. In 2018, Pracharaj Party

1768-531: The organization's goals or objectives. These reviews may be performed in conjunction with a financial statement audit , internal audit , or other form of attestation engagement. Due to strong incentives (including taxation , misselling and other forms of fraud) to misstate financial information, auditing has become a legal requirement for many entities who have the power to exploit financial information for personal gain. Traditionally, audits were mainly associated with gaining information about financial systems and

1820-593: The person / organization / system (etc.) in question. The opinion given on financial statements will depend on the audit evidence obtained. A statutory audit is a legally required review of the accuracy of a company's or government's financial statements and records. The purpose of a statutory audit is to determine whether an organization provides a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records, and financial transactions. Due to constraints, an audit seeks to provide only reasonable assurance that

1872-483: The personal wealth of former Cabinet ministers as well as "policy corruption", where policies were approved to allegedly benefit personal interests. Specifically, she wanted the Committee to investigate the sale of Shin Corporation to Temasek Holdings . Her lobbying was successful: the original AEC was dissolved in less than a week, she was appointed leader of a new 12-member committee with greater powers, including

1924-414: The post of Auditor-General. The Senate approved the nomination on 10 May 2005. However, King Bhumibol Adulyadej , in an unprecedented move, withheld his royal assent . The National Assembly did not hold a vote to overthrow the royal veto. In October 2005 the Senate rejected a motion to reaffirm her appointment, and instead deferred the decision to the SAC. The appointment of a replacement for Jaruvan

1976-451: The post". However, Jaruwan refused to resign without a royal dismissal from King Bhumibol Adulyadej. She noted ""I came to take the position as commanded by a royal decision, so I will leave the post only when directed by such a decision." The commission had suspended her salary and position allowance one day after the Constitution Court ruling. The commission then told Khunying Jaruvan to hand over her duties and any state property to

2028-400: The power to freeze the assets of members of the Thaksin government accused of corruption. The new AEC was also empowered to investigate allegations of tax evasion . The leader of the original AEC, Sawat Chotephanich, was demoted in the new committee; he later resigned, reportedly in protest. The remaining members of the new committee included several figures who had been publicly critical of

2080-424: The project lifecycle. Conducted midway through the project, an audit affords the project manager, project sponsor and project team an interim view of what has gone well, as well as what needs to be improved to successfully complete the project. If done at the close of a project, the audit can be used to develop success criteria for future projects by providing a forensic review. This review identifies which elements of

2132-500: The project were successfully managed and which ones presented challenges. As a result, the review will help the organization identify what it needs to do to avoid repeating the same mistakes on future projects Projects can undergo 2 types of Project audits: Other forms of Project audits: Formal: Applies when the project is in trouble, sponsor agrees that the audit is needed, sensitivities are high, and need to be able prove conclusions via sustainable evidence. Informal: Apply when

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2184-493: The state budget, bringing her children on a state-funded official trip, etc. In November 2015, the Criminal Court sentenced her to imprisonment for corruption in office . Jaruvan was the oldest girl in a family of eight children. She converted to Protestantism as a teenager. After attaining a bachelor's degree from the commerce and accountancy faculty at Chulalongkorn University she worked as an auditor . She

2236-405: The statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits , a set of financial statements are said to be true and fair when they are free of material misstatements – a concept influenced by both quantitative (numerical) and qualitative factors. But recently, the argument that auditing should go beyond just true and fair

2288-460: The subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person . Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governance over

2340-452: The subject matter. In recent years auditing has expanded to encompass many areas of public and corporate life. Professor Michael Power refers to this extension of auditing practices as the "Audit Society". The word "audit" derives from the Latin word audire which means "to hear". Auditing has been a safeguard measure since ancient times. During medieval times, when manual bookkeeping

2392-559: The unified compliance section in Regulatory compliance ). Due to the increasing number of regulations and need for operational transparency, organizations are adopting risk-based audits that can cover multiple regulations and standards from a single audit event. This is a very new but necessary approach in some sectors to ensure that all the necessary governance requirements can be met without duplicating effort from both audit and audit hosting resources. The purpose of an assessment

2444-541: Was based on an alleged violation of Article 100 of the National Counter Corruption Act, which specified that government officials and their spouses were prohibited from entering into or having interests in contracts made with state agencies under their authorisation. Article 4 of the Act stated that wrongdoers must be direct supervisors of the damaged party - in this case, the FIDF. However, the FIDF

2496-627: Was dissolved by order of Election Commission of Thailand . The 12 main policies The party has announced that if the party was to win the plurality of votes and thus the right to form the necessary, majority coalition government, the party's deputy leader, Korn Dabbaransi , would become the Prime Minister instead of the traditional policy of the party's leader, Sanoh Thienthong, becoming prime minister. Jaruvan Maintaka Khun Ying Jaruvan Maintaka ( Thai : จารุวรรณ เมณฑกา ; RTGS :  Charuwan Menthaka , born 5 July 1945)

2548-466: Was later found by the Criminal Court to be guilty of malfeasance and was sentenced to serve three years in jail. Jaruwan was appointed auditor-general on December 31, 2001 for a term of 5 years. She was responsible for carrying out all audit for government agencies. The questionable nature of her appointment would make her term a controversial one. On 24 June 2003, a petition was filed with

2600-457: Was prevalent, auditors in Britain used to hear the accounts read out for them and checked that the organization's personnel were not negligent or fraudulent. In 1951, Moyer identified that the most important duty of the auditor was to detect fraud. Chatfield documented that early United States auditing was viewed mainly as verification of bookkeeping detail. The Central Auditing Commission of

2652-668: Was still in contention, Jaruvan joined the Democrat Party and the People's Alliance for Democracy in petitioning the King to replace Thaksin Shinawatra as Prime Minister. However, demands for royal intervention met with much criticism. The King himself, in a speech on 26 April, responded "Asking for a Royally appointed prime minister is undemocratic. It is, pardon me, a mess. It is irrational" On 15 February 2006 The State Audit Commission (SAC) decided to reinstate Jaruvan as Auditor-General. Its unanimous decision came after it received

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2704-648: Was strongly criticized by the powerful Wang Nam Yen faction of the Thai Rak Thai party, especially by MP Pramuan Ruchanaseree and faction leader Sanoh Thienthong . In late 2005, the issue came close to breaking the Wang Nam Yen-faction from the TRT. The controversy led many to reinterpret the political role of the King in Thailand's constitutional monarchy . While her status as Auditor-General

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