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Pakorn Calls for Overhaul of Accounting Audits in Donation-Focused Foundations

Bangkok:Deputy Prime Minister Pakorn Nilapraphan has emphasized the need for improved coordination with the Professional Accounting Association to reform the accounting audit system for donations to associations and foundations.

According to Thai News Agency, Pakorn pointed out that the Ministry of Interior, which supervises these organizations, should make donation-related information publicly available since donations signify public trust. He highlighted the ongoing challenges in auditing foundations like the "Doing Good" Foundation of Boom Panadda Wongphudee, noting that these entities are governed by the Civil and Commercial Code under the Ministry's oversight.

Pakorn explained that despite the requirement for foundations and associations to submit financial and performance reports to the Ministry of Interior, the sheer number of foundations impedes thorough scrutiny. He suggested that stricter control of accounts, auditors, and reporting is necessary to address this issue.

Pakorn further asserted that the Ministry already possesses reports from these entities and should disclose them unless hindered by complexity or confidentiality. He contended that transparency is essential for public scrutiny, comparing donation transparency to that of temple donations. He acknowledged the need for new regulations if current ones are insufficient and underscored the importance of establishing accounting standards with the Professional Accounting Association to prevent the misuse of donations and maintain public trust in charitable activities.