The Financial Supervisory Service to Hold Online Briefing on Auditor Designation System on the 27th

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[Asia Economy Reporter Park Jihwan] The Financial Supervisory Service (FSS) will hold an online briefing session regarding the auditor designation system as it enters the second year of implementing the new External Audit Act.

On the 26th, the FSS announced that it will jointly hold the "Auditor Designation System Online Briefing" on the 27th with the Korea Listed Companies Association, KOSDAQ Association, KONEX Association, and the Korean Institute of Certified Public Accountants.

The briefing will cover key aspects of the designation system, including reasons for periodic and discretionary auditor designation, timing, and methods of designation. As the designation system under the new External Audit Act enters its second year, important considerations such as the scope of periodic designation and the dispersed designation method will also be explained.

The FSS plans to present the results of its review of inquiries related to the auditor designation system received last month from related organizations and auditors of listed companies.

Additionally, guidance will be provided on important points such as how to complete, submit, and the deadlines for the basic data report for auditor designation, which must be filed by companies subject to periodic designation and accounting firms wishing to be designated as auditors.

The FSS will post the briefing video on the FSS Accounting Portal and related organizations’ websites, and will promptly respond to inquiries made through the Accounting Portal’s "External Audit Q&A" section.

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