Duzon Bizon Perfectly Supports Internal Accounting Control System with 'EFIS 10'

[Asia Economy Reporter Jang Hyowon] Duzon Bizon (CEO Kim Yongwoo) announced on the 12th that it supports companies' response to the consolidated internal accounting control system with the next-generation integrated consolidated settlement system ‘EFIS 10’. This is a measure in accordance with the enforcement of the new External Audit Act starting this year, which requires listed companies with total consolidated assets of 2 trillion won or more to expand the establishment and operation of internal accounting control systems based on consolidated financial statement standards for consolidated groups.

The internal accounting control system refers to the entire internal control system that companies must establish and maintain to ensure the reliability of financial information. As of the end of last year, listed companies with assets of 2 trillion won or more are required to establish and operate consolidated internal accounting control systems and undergo audits by external auditors starting this year. For listed companies with assets of 500 billion won or more, this will apply from 2024.

Accordingly, EFIS 10 helps flexibly manage complex group organizational structures such as group consolidated trial balances and consolidated notes. Duzon Bizon has long experience and know-how in developing consolidated accounting solutions since 2005 in line with international accounting standards and changing business environments, and by introducing EFIS 10, it has further advanced existing consolidated accounting solutions through the convergence of cutting-edge ICT.

Domestic H Automobile Group is a representative case operating EFIS 10 to respond to strengthened internal accounting controls. By establishing an integrated settlement system for numerous subsidiaries worldwide through EFIS 10, it is evaluated to have improved not only internal accounting response but also group management efficiency and reliability.

The interface function of EFIS 10 has the advantage of automatically extracting and registering subsidiaries’ financial statements from individual systems. With just one click of the batch execution button, consolidated financial statements are automatically generated, making all processes from data collection to integrated management easier and faster.

The settlement schedule can also be shortened. Automatic calculation and automatic journal entry processing, as well as the ability to automatically generate consolidated trial balances with a single batch execution button, enable timely data acquisition. Due to the automatic calculation and journal entry processing function, users only need to approve, allowing effective settlement and reporting processing.

In particular, external credibility of group consolidated financial information can be secured. Automation of evaluation and error verification makes profit and loss reporting and audit response easier, and above all, standardized management of the consolidated settlement process enables accurate consolidated financial statement generation.

A Duzon Bizon official said, “Attention is focused on the immediate tasks and strategies of companies that must apply the new internal accounting control system model standards based on consolidated financial statements,” adding, “Using EFIS 10, which expands and integrates group management functions, will allow effective and efficient response to the establishment and operation of strengthened consolidation procedures and consolidation system controls.”

Meanwhile, starting this year, the establishment and operation of internal accounting control systems will be expanded and applied based on consolidated financial statement standards for consolidated groups, beginning with listed companies with total consolidated assets of 2 trillion won or more. This is due to the phased application of the revised new External Audit Act of 2018, and companies must respond to the consolidated internal accounting control system with highly reliable consolidated financial statements completed through an effective control system encompassing the parent company and all subsidiaries within the consolidated group.