Regulatory Alerts2022-01-23
Added · Updated
Amendments Proposed to the Enforcement Decree of the Act on External Audit of Stock Companies
The Financial Services Commission proposes postponing the effective date for the consolidated internal accounting control system requirement for listed companies with KRW2 trillion or more in assets from 2022 to 2023. The amendments establish self-quality control standards requiring auditors to assess their quality control levels annually and submit results to the Securities and Futures Commission within four months after the end of the business year. Additionally, the rules mandate that auditors registered with listed companies assess their compliance with registration qualifications and submit results to the Financial Services Commission, with disqualification scores imposed for non-compliance. These proposed amendments are expected to take effect at the end of 2021.
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