Regulatory Alerts2026-07-21
Added · Updated
Interpretation Regarding Article 43 of the Accountant Act and Article 28 of the Rules Governing the Entrustment of Financial Statement Audits and Certifications by Accountants
The Financial Supervisory Commission mandates that joint or corporate accounting firms auditing public companies must specify workpaper ownership in their partnership agreements or articles of incorporation. If workpapers belong to the accountants, they share custody responsibilities, requiring one to produce copies if the other cannot, or both face liability for non-production; if owned by the firm, the firm retains custody upon an accountant's departure but must allow borrowing for continuing clients or regulatory requests. This interpretation supersedes a 2007 directive and takes effect immediately.
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