Financial Supervisory Service Holds Online Briefing on Appointment of External Auditors

[Asia Economy Reporter Minji Lee] The Financial Supervisory Service (FSS) announced on the 13th that it will jointly hold an online briefing session on the appointment of external auditors for companies newly subject to external audits, together with KOTRA, on the 14th.

Initially, the FSS planned to hold an offline briefing session due to the inclusion of limited liability companies as new subjects under the new External Audit Act. However, considering concerns related to COVID-19 and the tight deadline for appointing external auditors for companies subject to external audits, the briefing session was moved online. Companies with a December fiscal year-end that are newly subject to external audits must appoint their auditors by the end of April.

The briefing session covers key aspects of the auditor appointment system, including companies subject to external audits, the auditor appointment procedures, and appointment deadlines. In particular, it provides detailed explanations on the criteria for determining whether a company is subject to external audits and explains the auditor appointment process step-by-step to assist companies newly subject to external audits.

Additionally, the session explains step-by-step how to use the ‘External Audit Contract Reporting System’ for online auditor appointment reporting and the detailed procedures for electronic reporting.

Accordingly, it is expected to help prevent the failure to appoint auditors by limited liability companies and small stock companies due to a lack of understanding of the recently changed criteria for companies subject to external audits.

The FSS stated, “We will post the video on the FSS Accounting Portal and the Foreign Investment Ombudsman website and respond promptly to related inquiries.”

This content was produced with the assistance of AI translation services.