Regulatory Alerts2017-08-03
Amendments Proposed to the Enforcement Rule of the Act on External Audit of Stock Companies
The Financial Services Commission announced amendments to the Enforcement Rule of the Act on External Audit of Stock Companies. These updates define the composition and member eligibility criteria for the Accounting Audit Standard Board under the Korean Institute of Certified Public Accountants and the Accounting Process Standard Committee under the Korea Accounting Institute. The revisions operationalize the amended Enforcement Decree by formally structuring these standard-setting bodies within Korea's external audit regulatory framework.
Amendments Proposed to the Enforcement Rule of the Act on External Audit of Stock Companies
Date
2017-08-03
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Amendments Proposed to the Enforcement Rule of the Act on External Audit of Stock Companies_.pdf (fileSize: 235KB)
The Financial Services Commission announced amendments to the Enforcement Rule of the Act on External Audit of Stock Companies. The amendments set forth the composition and member eligibility rules for the Accounting Audit Standard Board (AASB) and the Accounting Process Standard Committee (ASC) as a follow-up to the amended Enforcement Decree of the same act that provides for the creation of the AASB under the Korean Institute of Certified Public Accountants (KICPA) and the ASC under the Korea Accounting Institute.
- The English names “Accounting Audit Standard Board” and “Accounting Process Standard Committee” are tentative.
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Department/Division In charge
International Affairs Department(Financial Hub Korea) International Cooperation Team
Phone Number
+82-2-3145-7895