Samjong KPMG to Host Webinar on 'Strategies for Responding to Consolidated Internal Accounting Control System' on the 18th

[Asia Economy Reporter Minji Lee] Samjong KPMG announced on the 17th that it will hold a seminar on the 18th titled 'Strategies for Responding to Consolidated Internal Accounting Control Systems.' This seminar will be conducted in a 'webinar (Web+Seminar)' format to prevent the spread of COVID-19.

Since last year, audits of internal accounting control systems have been implemented for listed companies with total assets exceeding 2 trillion won, and the application is being gradually expanded according to asset size. The audit scope has also been extended to consolidated financial statements.

The consolidated internal accounting control system is a group-level management system that includes not only the headquarters but also domestic and overseas subsidiaries, requiring sufficient prior preparation and systematic dissemination plans. In particular, since the consolidated internal accounting control system involves complex interests and constraints in areas such as ▲selection of the scope of subsidiaries subject to the system ▲global implementation and operation plans ▲organizational design and operation aspects, companies face critical decision-making and thus require ample preparation time and thorough prior preparation.

This seminar will share potential issues and solutions related to the establishment and operation of the consolidated internal accounting control system, and discuss strategies for responding to the system that can meet strengthened legal requirements at the group level and establish a transparent global management system.

The first session will feature Professor Kyu-An Jeon from Soongsil University as the presenter, who will explain the laws and regulations related to the consolidated internal accounting control system and their impact on companies. Sang-Hyun Han, Executive Director at Samjong KPMG, will analyze the 2019 audit results and derive implications through a comparison of Korean and U.S. internal accounting control systems.

Following this, Executive Director Yukyung Kim of Samjong KPMG will introduce issues and solutions regarding the introduction of the consolidated internal accounting control system at the group level and suggest key tasks and promotion plans for each implementation stage. Managing Director Junghoon Shim of Samjong KPMG will explain the establishment of operational regulations, organizational composition plans, operational procedures, and evaluation processes for the consolidated internal accounting control system. Finally, Director Hyeryung Lee of Samjong KPMG will introduce plans to advance the IT infrastructure for operating the consolidated internal accounting control system.

Executive Director Yukyung Kim of Samjong KPMG stated, “For the successful establishment of the consolidated internal accounting control system, it is essential to clearly understand the differences from the currently operating individual company-level internal accounting control systems and the tasks that need to be addressed institutionally and in terms of IT infrastructure,” adding, “We hope this seminar will serve as an opportunity to recognize and prepare for the importance of the consolidated internal accounting control system in the rapidly changing accounting and audit environment.”

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