Samjong KPMG Publishes "Audit Committee Handbook 4th Revised Edition"

Samjong KPMG announced on April 28 that it has published the "Audit Committee Handbook 4th Revised Edition," reflecting the latest changes in laws and regulations. This revised edition is also available in e-book format to adapt to the evolving digital environment.

Samjong KPMG 'Audit Committee Handbook 4th Revised Edition'. Provided by Samjong KPMG

In 2015, Samjong KPMG established the Audit Committee Institute (ACI) for the first time in the industry, aiming to strengthen accounting transparency and establish sound corporate governance. In the same year, it published the first edition of the "Audit Committee Handbook," a practical guide containing various research findings on domestic and international regulations and best practices. Since then, Samjong KPMG has continued to publish revised editions approximately every two years.

The 4th revised edition incorporates recent regulatory changes, including: new internal accounting management system evaluation and reporting standards, guidelines for accounting treatment of virtual assets, sustainability (ESG) disclosure standards, and IFRS 18. It also covers the latest issues facing audit committees, such as shareholder activism, key audit matters, the structure of responsibilities in financial companies, strengthening internal controls in public institutions, and supervision of cybersecurity and AI risks.

The handbook consists of a main volume and a supplementary volume. The main volume covers corporate governance, audit committee systems, audit committee operations, and audit committee activity plans, providing institutional understanding and operational guidelines for the overall audit committee system. The supplementary volume focuses on the audit committee's role in overseeing financial reporting, detailing communication with external auditors, supervision of key accounting policies, and preparation for the adoption of IFRS 18, thereby enhancing its practical usability.

Kim Minkyu, leader of Samjong KPMG ACI, stated, "This revised edition broadly reflects the latest issues that audit committees must recognize and address, such as value-up programs and digital risk response. In particular, the supplementary volume organizes specific review items necessary for the practical supervision of financial reporting, making it a truly helpful resource."

Meanwhile, the revised edition was reviewed by the Samjong KPMG ACI advisory professors: Lee Manwoo, former professor emeritus at Korea University Business School; Shin Jinyoung, professor at Yonsei University Business School; and Park Sojung, professor at Seoul National University Business School, thereby enhancing its completeness.

The "Audit Committee Handbook 4th Revised Edition" is produced in limited quantities and will be distributed free of charge on a first-come, first-served basis to applicants via the Samjong KPMG ACI KakaoTalk channel. The e-book is available for free to registered members on the Samjong KPMG Academy website.