Samjong KPMG Successfully Concludes the 10th Audit Committee Support Center (ACI) Seminar

▲Digital Audit ▲Compliance Supervision ▲Roles Related to Corporate Value-Up Presented

Samjong KPMG announced on the 5th that it successfully held the "10th Audit Committee Support Center (ACI) Seminar" on the 4th at the Grand Ballroom of the Grand Hyatt Hotel, attended by about 300 auditors and audit committee members from listed and unlisted companies. The ACI seminar has been held annually since 2015 as the industry's first event to establish and support the activation of the audit committee's role.

On the 4th, the "10th Samjong KPMG Audit Committee Support Center (ACI) Seminar" was held at the Grand Ballroom of the Grand Hyatt Hotel.
[Photo by Samjong KPMG]

This year, considering recent changes in the business environment, the seminar provided guidance not only for auditors and audit committee members but also at the board of directors level on ▲cybersecurity, information technology (IT) controls, and digital auditing ▲compliance supervision by directors and auditors (committee members) ▲corporate value-up programs and the role of the board of directors.

Yoon Jae-sook, head of the Value-Up Support Team at the Korea Exchange, conveyed important points focusing on the support system of the Korea Exchange and related organizations for corporate value-up programs and the corporate value enhancement plans that listed companies must prepare. A panel discussion was held with Samjong KPMG ACI advisory professors including Lee Man-woo, Professor Emeritus at Korea University, Ahn Soo-hyun, Dean of the Law School at Hankuk University of Foreign Studies, and Kim Woo-jin, Professor at Seoul National University Business School.

Professor Lee Man-woo emphasized, based on his extensive experience as an audit committee chairperson, that the board of directors must perform a strategic decision-making role regarding cybersecurity governance. Professor Ahn Soo-hyun cited case law concerning the board’s compliance supervision duties, pointing out that the board must faithfully fulfill its obligations to recognize business-related risks and exercise its authority and duty to monitor compliance. Professor Kim Woo-jin stated that to resolve the Korea discount, companies should establish appropriate shareholder return policies by comparing return on equity (ROE) and cost of equity (COE).

Byun Young-hoon, Head of the Audit Division at Samjong KPMG, said, “We hope that the videos and lectures produced by Samjong KPMG ACI will help find solutions to issues that may arise within actual boards of directors,” and added, “As the first in the accounting industry to establish a center dedicated to researching audit committees, Samjong KPMG ACI will continue to strive to support the enhancement of the status and roles of audit committees.”