Page 101 - TLAA Annual Report 2024

Independent Auditor ’s Report

To The Board of Director and Members of THE THAI LIFE ASSURANCE ASSOCIATION.

Opinion

I have audited the financial statements of THE THAI LIFE ASSURANCE ASSOCIATION, which comprise the
statement of financial position as at June 30, 2024, and the statement of income and expenditure and
statement of change in accumulated fund for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies.

In my opinion, the accompanying financial statements present fairly, in all material respects, the financial
position statement and statement of change in accumulated capital of the THE THAI LIFE ASSURANCE
ASSOCIATION as at June 30, 2024, and its financial performance for the year then ended in accordance with
Thai Financial Reporting Standards for Non-Publicly Accountable Entities.

Basis for Opinion

I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of my report. I am independent of THE THAI LIFE ASSURANCE ASSOCIATION in accordance with the
Code of Ethics for Professional Accountants including Independence Standards issued by the Federation of
Accounting Professions (Code of Ethics for Professional Accountants) relevant to my audit of the financial
statements, and I have fulfilled my other ethical responsibilities in accordance with the Code of Ethics for
Professional Accountants. I believe that the audit evidence I have obtained is sufficient and appropriate to
provide a basis for my opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in
accordance with Thai Financial Reporting Standards for Non-Publicly Accountable Entities, and for such
internal control as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Association ’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Association or to cease
operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements.

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the

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