The Financial Supervisory Service (FSS) announced on the 11th that it will hold an online briefing session on the auditor appointment system for companies subject to external audits for the first time.
Companies subject to external audits are joint-stock companies and limited liability companies with total assets, sales, etc., above a certain scale. Approximately 5,000 companies on average per year have been newly included as audit targets over the past three years.
Companies with a December year-end that are subject to external audits for the first time this year must appoint an auditor by the end of April and report to the Securities and Futures Commission within two weeks after signing the contract. Failure to comply may result in disadvantages such as auditor designation.
Accordingly, the FSS, together with the Korea Federation of SMEs and KOTRA, plans to hold an online briefing session on the auditor appointment system via YouTube channels and other platforms to help newly subject small and medium-sized enterprises and limited liability companies understand the external audit regulations and complete the auditor contract and reporting within the legal deadline.
The online briefing will provide easy-to-understand guidance on determining whether a company is subject to external audits, the entities responsible for selecting auditors, the appointment procedures, and other major external audit law systems. It will also explain in detail how to use and operate the FSS external audit contract reporting system, which is actually used when reporting auditor appointments.
The briefing video will be posted on the official YouTube channel and website of the FSS, as well as on the websites of the Korea Federation of SMEs and the KOTRA Foreign Investment Ombudsman. Prompt responses will also be provided for consultations and inquiries via the websites or phone calls.
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