Primarily, a system of measurement and reporting of economic events based upon the accounting equation
for the purpose of decision making. At Panwa Group, it refers to the entity, activity or individuals involved in
the application of the accounting equation.
It is the time period for which accounts are prepared, usually one year.
It is the set of manual and computerized procedures and controls that provide for identifying relevant
transactions or events; preparing accurate source documents, entering data into the accounting records
accurately, processing transactions accurately, updating master files properly, and generating accurate
documents and reports.
It is defined as a natural or juristic person without a Thai nationality.
It is the inspection of the accounting records and procedures of a business, government unit, or other
reporting entity by a professional accountant for the purpose of verifying the accuracy and completeness of the
records. It could be conducted by a member of the organization (internal audit) or by an outsider
(independent audit). At Panwa Group, our specialized group of auditors and accountants performs the auditing
A Certified Public Accountant, who is authorized by the governing law, accounting and auditing standards
to perform either internal or external auditing services.
It is a signed, written document which presents the purpose, scope, and results of the audit. This may
include findings, conclusions, opinions and recommendations. At Panwa Group, Mr. Prasert Poothong is the
main signatory of the audit reports.
It is the process of recording of day-to-day business transactions.
It is a selection of the legal form under which a business is to operate: sole proprietorship, general
partnership, corporation, a limited liability company and joint venture.
At Panwa Group, we take care whatever form of your business is.
It is a document or permission given to a business owner in order to be legally authorized by law
to perform its business activities or services in a certain location.
A business should be registered according to its name, type, structure and activities in order to become
commonly known, legally and recognize by law.
It is the review of financial records to determine whether the entity is complying with specific procedures
or rules. At Panwa Group, our specialized team of auditors performs the examination of our clients’ financial
Corporate Income Tax
It is a direct tax levied on a juristic company or partnership which is established under Thai or foreign
law and carries on business in Thailand or derive certain types of income from Thailand.
It is an audit conducted by an individual or firm that is independent of the company being audited.
At Panwa Group, the auditors audit the books of a client company generally once a year after the
completion of the client company's fiscal year. Their role is to give an opinion of the financials statement's
reflection of the status and operations of the company being audited compilations.
It is a written financial report which quantitatively describes the financial status of a company. This includes
balance sheet, income statement, profit and loss, changes in equity and trial balance. At Panwa Group,
financial statement determines the profitability and stability of an entity. We usually prepare and compile
financial statements on a quarterly and annual basis.
Financial Statement Analysis
It is analysis of financial statement of a company. At Panwa Group, our team of professional accountants
does the financial analysis whereas they usually perform in depth financial ratio comparisons over a
certain time period.
It is the accounting year for a company.
Foreign Business Entity
It is a business entity where half or more of the voting rights or ownership are owned by foreign nationals.
It is a tax imposed on the financial funds or income of a person, corporation or other legal entities.
At Panwa Group, we do computations of different income taxes.
It happens when there is a union or merger of already existing corporations to form new or
another corporation. At Panwa Group, we provide assistance to our clients when they engaged in
incorporation or merger.
It is an independent function of Panwa Group established and provided for a client company to
examine and evaluate its activities within its organization. The objective of internal auditing is to assist
members of the organization in the effective discharge of their responsibilities.
It means a limited company, a limited partnership or a registered ordinary partnership incorporated under
Thai or foreign law as well as an association and a foundation engaged in business producing revenue.
Personal Income Tax
It is a direct tax imposed on income of a person or individual.
It is a financial charge imposed against a legal entity's person or property or activity to support the
It refers to a legal entity’s person, property or funds subject to taxation.
It is a listing of the accounts in the general ledger and their balances as of a specified date. It is usually
prepared at the end of an accounting period and is used to know if additional adjustments are required to
any of the balances. At Panwa Group, preparation of trial balance is important in the financial statement.
Value Added Tax
It is a consumption tax where taxes are imposed at each step of a manufacturing process where value is
added to that product at that point in the manufacturing cycle; as well as at the point where the consumer
purchases the end product.
It is a document entitling the holder to enter a country. It is either a stamp or a sticker in the passport
and is made according to international regulations.
It is an amount usually withheld from an employee’s salary to account for that individual’s (payee) tax
liability on his/her compensation and paid to the taxation authorities.
Issued to a foreign individual to have permission to work, and render service here in Thailand.