Samjong KPMG Publishes 'Audit Committee Operation Guidelines' with Hangonghoe and Corporate Governance Institute

[Asia Economy Reporter Minji Lee] Samjong KPMG announced on the 15th that it has jointly published the "Audit Committee Operation Guidelines" with the Korean Institute of Certified Public Accountants and the Korea Corporate Governance Service.

This booklet updates and supplements the contents of the "Audit Committee Best Practice Manual and Checklist" published in 2018. It contains an operation manual to enhance the role of audit committee members (auditors) and key audit matters, systematically organizing best practices, related laws, guidance, and reference regulations by topic.

The audit committee operation manual covers overall operational regulations regarding the activities, evaluation, remuneration, and education of internal audit bodies and audit committees, as well as the roles and responsibilities of audit committees. It also guides the importance of communication with external auditors and stakeholders.

Additionally, it highlights the role of the audit committee (auditor) in key audit systems along with major statistical data related to key audit matters, and points out important industry-specific issues to consider as key audit matters.

Kim Yukyung, Executive Director of the Audit Committee Support Center at Samjong KPMG, said, "Through the 'Audit Committee Operation Guidelines,' we expect to clearly recognize the increasingly strengthened roles and responsibilities of audit committee members and auditors, and by utilizing the presented cases and checklists in their work, enhance the audit committee’s function to improve accounting transparency and corporate governance."

The main outline of the booklet will be presented at the regular forum of the Audit Committee Forum to be held on the 7th of next month, and inquiries related to the booklet can be made to Samjong KPMG ACI and the Planning and Research Headquarters of the Korean Institute of Certified Public Accountants.

Meanwhile, Samjong KPMG established the Audit Committee Support Center in 2015, the first in the industry, to support strengthening accounting transparency and improving corporate governance. In the same year, it published the "Audit Committee Handbook," the first practical guide for audit committees in Korea, and in November 2018, released a revised edition reflecting the new External Audit Act and audit committee best practices. It continues to carry out various activities to elevate the status of domestic audit committees and auditors.

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