Hankonghoe to Take Strict Measures After Self-Investigation of Six Accounting Firms for Fair Trade Act Violations
[Asia Economy Reporter Minji Lee] The Korean Institute of Certified Public Accountants announced on the 23rd that it will take strict measures against six accounting firms that were fined and ordered to correct their actions by the Fair Trade Commission for colluding in bidding for accounting verification services in the public sector.
The accounting firms under investigation are Shinhwa (fine of 13 million KRW), Daemyeong (7 million KRW), Samyoung (7 million KRW), Jipyeong (6 million KRW), Gilin (2 million KRW), and Daesung Samgyeong (1 million KRW).
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The Korean Institute of Certified Public Accountants stated, "The Ethics Investigation Committee will thoroughly investigate the violations and take strict measures according to relevant regulations," adding, "We have also sent official letters strongly urging all accounting firms to strengthen internal controls to prevent recurrence of fair trade violations."
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