Regulatory Alerts2018-08-14
Added · Updated
Amendments Proposed to the Enforcement Decree of the Act on External Audit of Stock Companies
The Financial Services Commission proposes raising the aggregate asset exemption threshold for external audits from less than KRW10 billion to less than KRW12 billion as of the end of the previous business year. The proposal adds the number of employees as a criterion for external audit exemption, applicable only to private companies. Additionally, external audits are required for companies with KRW50 billion or more in aggregate assets or revenues.
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