Recent Changes in Legislation Related to Auditing and Audit Committees
Presented by Professor Ansuhyun of Hankuk University of Foreign Studies and Executive Director Jidonghyun of Samjong KPMG
The Audit Committee Forum, a non-profit corporation, announced on the 24th that it will hold the "4th Regular Forum of 2023" as a breakfast seminar on the 21st of next month at the Westin Chosun Hotel in Seoul, targeting auditors and audit committee members.
The Audit Committee Forum was established in 2018 by the four major domestic accounting firms (Samil, Samjong, Anjin, and Hanyoung) to help enhance the professionalism of auditors and audit committee members in order to improve corporate accounting transparency. Since its establishment, the forum has been operating various programs to enhance the expertise of auditors (committees) through regular forums and online educational courses.
The fourth regular forum this year will review the roles and preparations of auditors and audit committee members ahead of the regulatory environment changes and the closing period, in preparation for 2024.
The first lecture will be delivered by Professor An Suhyeon of the Graduate School of Law at Hankuk University of Foreign Studies (currently a member of the Financial Development Deliberation Committee of the Financial Services Commission), under the theme "Revised Regulations Audit Committees Should Know and 2024 Annual General Meeting Checkpoints." It will cover major legislative changes that auditors and audit committees renewing their terms in the next year should be aware of, as well as the necessary reporting items to shareholders at the upcoming annual general meeting.
The second lecture will be presented by Executive Director Ji Donghyun of Samjong KPMG, who will speak on "Financial Reporting at the Closing Period and External Audit Supervision Measures," based on his industrial specialized audit experience. In particular, the lecture will explore the external audit supervision measures of audit committees as seen through past audit findings, as well as the role audit committees should perform regarding financial reporting checks at closing and the continuously emphasized cash control.
An official from the Audit Committee Forum emphasized, "Among the key points for business report inspections, 'whether discussions between internal audit organizations and external auditors are recorded' refers to the supervision and communication of external auditors by auditors and audit committee members," and added, "The major regulatory changes and key roles that auditors and audit committees should consider from the shareholders' perspective, introduced in this lecture, will be of practical help to auditors and audit committee members."
Meanwhile, this event by the Audit Committee Forum is sponsored by the Financial Services Commission and the Korean Institute of Certified Public Accountants. Applications for participation are accepted on a first-come, first-served basis through the Audit Committee Forum website, and participation is free of charge.
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