The Chairwoman of the Capital Market Opportunity Center (CMOC), Ms. Sopawadee Lertmanaschai, said that today the Market for Alternative Investment (MAI) has signed a memorandum of understanding (MoU) with the Institute of Certified Accountants and Auditors of Thailand (ICAAT). The two organizations will work together to assist small and medium enterprises (SMEs) with their accounting and administration systems so that they will be properly prepared for their MAI listing. The two organizations will jointly develop and support the SMEs in implementing their accounting systems, accounts recording, financial report production, assisting in the development of their internal auditing systems and selecting standard software.
“Most SMEs lack professional accountants to help them produce finance reports since they are small businesses with limited funds. The collaboration between the MAI and ICAAT will help the SMEs train and develop professional accountants who can implement a standardized accounting system that will produce accurate and reliable financial reports that meet accepted accounting standards. These are all required for companies seeking listing on the MAI.
“If the SMEs have good accounting systems in place, they will be trusted by their creditors and can more easily and inexpensively access low-risk long-term funding sources through the capital market,” Ms. Sopawadee said.
Prof. Kesree Narongdej, President of the ICAAT, said that: “The ICAAT is ready to provide assistance and advice to the SMEs regarding efficient and reliable accounting systems and standard software. We will conduct training seminars to equip them with the essential knowledge required for effectively implementing their accounting systems. The ICAAT will also hold in-depth seminars for chief financial officers or comptrollers of these SMEs as well as companies already listed on the SET and MAI.”
Prof. Kesree said that the first activity under this collaboration was the seminar entitled “Tips for Adjusting Accounting and Financial Systems to Go for MAI Listing” on Tuesday, September 7, 2004, between 14:00 – 16:00 hrs., in the SET Building. The seminar was aimed at helping executives and business owners better prepare for MAI listing. The seminar attendees will also acquire management tips, especially on accounting systems and internal control mechanisms.
Key points in the seminar included, how to manage your business to increase business opportunities and a special guide on basic preparations for listing. The session also provided an opportunity for attendees to share their views and consult with experts in the field.
The distinguished speakers included Asst. Prof. Dr. Prawit Nilsuwannakul, Chairman of ICAAT’s Committee for SMEs’ Accounting; Mr. Pansak Leelawankulsiri, SMEs Development Division SVP of the Bangkok Bank Pcl. and Dr. Raewat Tantayanont, and Mr. Somanat Na Bangchang, members of the ICAAT’s Committee for SMEs’ Accounting.
