Produced with Deloitte Anjin... Free Access Even for Non-Member Companies
[Asia Economy Reporter Minwoo Lee] The Korea Listed Companies Association, together with Deloitte Anjin Accounting Firm, has produced and released an educational video on the consolidated internal accounting control system, which will be implemented from 2023.
On the 22nd, the Listed Companies Association announced that it will provide this video free of charge. The video was prepared to help companies respond to external audits of the consolidated internal accounting control system, which will be enforced from 2023. Previously, the Listed Companies Association and Deloitte Anjin signed a 'Joint Business Agreement on Internal Accounting Control System' last year to support companies in successfully operating their internal accounting control systems.
According to the Act on External Audit of Stock Companies, etc., revised and enforced in 2018, listed companies with assets exceeding 2 trillion won must establish and operate internal accounting control systems for subsidiaries included in consolidated financial statements, separate from the internal accounting control system based on separate financial statements, and undergo external audits.
Accordingly, the Listed Companies Association and Deloitte Anjin plan to support listed companies experiencing practical difficulties in preparing for the new system by providing related educational videos.
Accounting audit and internal accounting experts from Deloitte Anjin directly participated in the production. Educational videos in English and Chinese have also been prepared for overseas subsidiary employees.
In particular, this educational video is available free of charge not only to members of the Listed Companies Association but also to all companies required to operate internal accounting control systems. The video can be viewed on the websites of the Listed Companies Association and Deloitte Anjin.
Kiheon Lee, Executive Vice Chairman of the Listed Companies Association, explained, "Although there is still some time before the expanded implementation of the consolidated internal accounting control system, considering that the scope of application is expanding to domestic and overseas subsidiaries and the ongoing COVID-19 situation, it is necessary to think about what to prepare from now on. Actively utilizing this educational video will be very helpful in sharing and preparing the purpose of the system at the group company level."
Yongseok Jeon, Head of the Audit Division at Deloitte Anjin, said, "The consolidated internal accounting control system is a new accounting system introduced for the first time in Korea, and both companies and auditors need to prepare extensively ahead of its implementation in 2023. We will do our best through various activities to enable listed companies to proactively respond to the new system."
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