Notice of Regulatory Change to the Proposed Partial Amendment to the Regulations on External Audit and Accounting, etc.

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Notice of Regulatory Change to the Proposed Partial Amendment to the Regulations on External Audit and Accounting, etc.

2026-07-24
Views: 68876

Classification Advance Notice of Regulatory Change Type of Law Administrative Rule Notice Period 2026-07-24 ~ 2026-09-02

Responsible Department
Contact Person Accounting System Team
Contact Number

◉ Financial Services Commission Notice No. 2026-428

In amending the Regulations on External Audit and Accounting, etc., the following is announced pursuant to Article 41 of the Administrative Procedures Act in order to inform the public in advance of the reasons for the amendment and its main contents and to hear their opinions.

July 24, 2026

Financial Services Commission

Notice of Regulatory Change to the Proposed Partial Amendment to the Regulations on External Audit and Accounting, etc.

1. Reasons for Amendment

In order to induce improvement in the audit quality of accounting firms, the auditor designation method is reorganized and the auditor quality management level evaluation criteria are improved, while an audit quality supervisory committee including external experts is to be established and operated so that audit quality-centered decision-making can take place.

2. Main Contents

A. Improvement of the Auditor Group Classification System (Proposed Article 15 and Proposed Annex 4)

The auditor group classification system is improved so that the scope of auditor designation allocations can be expanded for accounting firms with excellent audit quality.

B. Revision of the Requirements for the Representative Director of Auditors of Stock-Listed Companies (Proposed Annex 1)

The representative director of an accounting firm that can audit a stock-listed company shall have at least 7 years of external audit experience.

C. Establishment and Operation of an Audit Quality Supervisory Committee Including External Experts (Proposed Annex 1)

An accounting firm belonging to Group A under Article 2 of Annex 4 shall establish an audit quality supervisory committee including external experts so that audit quality-centered decision-making can take place, and shall conduct deliberation on audit quality-related matters among the major agenda items referred to the partners' general meeting.

D. Improvement of the Auditor Scoring Method (Proposed Annex 3)

The auditor scoring method is improved to be audit quality-centered, such as by newly establishing deductions and introducing relative evaluation.

3. Submission of Opinions

Institutions, organizations, or individuals with opinions on this amendment proposal are requested to submit a written opinion stating the following matters to the Financial Services Commission (Accounting System Team) by September 2, 2026.

A. Opinion in favor of or against the matters noticed (in case of opposition, state the reason)

B. Name (in the case of an institution or organization, the name of the institution or organization and the name of its representative), address, and telephone number

C. Other reference matters, etc.

※ Where to send submitted opinions

• Regular mail: Accounting System Team, Financial Services Commission, 15th Floor, Government Complex-Seoul, 209 Sejong-daero, Jongno-gu, Seoul 03171

• Email: jeongchanlee@korea.kr

• Telephone: 02-2100-2693

• Fax: 02-2100-2678

4. Other Matters

   For details on the amendment proposal, please refer to the Financial Services Commission website (www.fsc.go.kr/Knowledge Yard/Legal Information/Advance Notice of Legislation).

Attached Files (4) Open attached files

1. Advance notice document (External Audit Regulations).hwpx (48 KB)
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2. Legislative bill (Partial Amendment to the Regulations on External Audit and Accounting, etc.).hwpx (58 KB)
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3. 260716 External Audit Regulations Article-by-Article Amendment Reasons.hwpx (25 KB)
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4. 260713 (Regulatory Impact Analysis) Regulations on External Audit and Accounting, etc..hwpx (68 KB)
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