Regulatory Alerts2018-04-19
Added · Updated
Proposed Amendments to the Enforcement Decree of the Act on External Audit of Stock Companies
The proposed amendments require companies beyond listed entities to undergo independent external audits, with exemptions available for small firms meeting specific thresholds for assets, liabilities, sales revenue, and employee count. The scope of financial firms required to file statements with the Securities and Futures Commission (SFC) is expanded, and external auditors must notify the SFC of unusual discoveries or significant internal developments. Additionally, audit quality control deficiencies reported to the SFC and subsequent noncompliance will be made public for up to three years.
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