Korean Institute of Certified Public Accountants Establishes Dedicated Communication Body to Resolve Corporate Difficulties

"'Sinmungo' Establishment and Operation"

The Korean Institute of Certified Public Accountants announced on the 18th that it will establish and operate a dedicated organization called 'Sinmungo' to expand communication channels with companies and to listen to and respond to various difficulties arising during the audit process.

Sinmungo will perform necessary coordination tasks regarding the reported difficulties of companies, and for cases involving allegations of legal violations by auditors or others among the received matters, it plans to take strict measures through supervision and ethical investigations.

Choi Un-yeol, Chairman of the Korean Institute of Certified Public Accountants, said, "Since the full revision of the External Audit Act in 2017, there have been many changes in accounting systems to enhance transparency, such as the introduction of periodic auditor designation and strengthened auditor measures. While companies have given positive evaluations, they still express realistic complaints and difficulties. We expect Sinmungo to serve as a communication channel that listens to and coordinates the opinions of companies, which are a key pillar of accounting reform."

Chairman Choi also stated, "We will firmly respond to violations of professional ethics and laws by certified public accountants and continue to make strong self-regulatory efforts."

Complaints to Sinmungo can be submitted online through the Korean Institute of Certified Public Accountants website.