Innovation challenges of financial and tax auditing to improve economic efficiency

This paper is concerned with the innovation challenges of financial auditing and tax auditing to improve economic efficiency. Current economic conditions provide particular challenges for the Thai government to establish new practices towards auditing profession advancement. The Federation of Accounting Profession and the Revenue Department both claim to promote and protect the public interest. The tax auditing is the strategy of the Ministry of Finance to prevent and suppress tax evasion in order to achieve sustainable tax system. The certified public tax accountant (CPTA) licensure of the Japan Federation of CPTAs’ Associations is used as a model for the planning of CPTA for Thailand. The proposed tax mapping by the Revenue Department aims to facilitate tax administration and reduce the problem of tax evasion. The findings reveal that tax auditing would provide high-quality audits to the financial reporting process for statutory purposes, enhance the state’s ability to collect tax and improve performance of the tax system.