Four Major Accounting Firms to Announce Research Results on Accounting Transparency and Auditor Independence

Breakfast Seminar to Be Held on December 12

The Audit Committee Forum, a non-profit organization established by the four major domestic accounting firms-Samil, Samjong, Anjin, and Hanyoung-to enhance accounting transparency and auditor independence, will announce its research findings for this year.

On November 27, the Audit Committee Forum announced that it will hold the "2025 Research Project Results Seminar" on December 12 at the Westin Chosun Hotel in Jung-gu, Seoul. The event is open to auditors and audit committee members and will be held in the form of a breakfast seminar.

The first lecture of the seminar will present the results of the joint research, "Establishing Guidelines for the Appointment of External Auditors to Enhance Accounting Transparency," conducted by Jung Jaekyu, Head of the ESG Information Analysis Center at the Korea ESG Standards Institute, Kim Sojung, Associate Research Fellow, Kim Beomjun, Professor at Catholic University, and Kwon Sewon, Professor at Ewha Womans University. The session will introduce key practical guidelines and checklists for appointing external auditors derived from the research, and will specifically outline important considerations to be observed or referenced when appointing external auditors, as well as plans for establishing and operating support departments.

This will be followed by the presentation of "Rationalizing the Independence of Certified Public Accountants," a joint study by Jeon Gyuan, Professor at Soongsil University, and Ha Wonsuk, Professor at Chung-Ang University. After reviewing current independence-related regulations in the Certified Public Accountant Act and its enforcement decree, as well as the Act on External Audit of Stock Companies and its enforcement decree, the session will propose revision plans based on cases from major foreign countries and the opinions of experts in the accounting industry, corporations, legal professionals, and supervisory authorities. The presentation will also include proposed revisions regarding the scope of non-audit services that auditors may perform.

This event by the Audit Committee Forum is sponsored by the Financial Services Commission and the Korean Institute of Certified Public Accountants. Registration is on a first-come, first-served basis through the Audit Committee Forum website, and participation is free of charge.

A representative of the Audit Committee Forum stated, "We believe that the results of this research will help explore effective policies and measures to enhance accounting transparency and auditor independence."