Financial Supervisory Service to Hold Online Briefing on External Audit System Considering COVID-19 Situation

[Asia Economy Reporter Minji Lee] The Financial Supervisory Service (FSS) announced on the 11th that it will hold the 'External Audit System Nationwide Tour Briefing Session' online on the 24th of this month.

[Image source=Yonhap News]

The FSS, which has been holding sessions targeting the Korea Chamber of Commerce and Industry and companies located in provinces with relatively fewer educational opportunities, plans to conduct the briefing session online (via YouTube) considering the COVID-19 situation. Unlike previous years, the briefing will be held non-face-to-face, and the FSS intends to enhance the educational effect on the external audit system through prior question submissions and guidance.

In this briefing session, they plan to provide guidance on key aspects of the auditor appointment system, such as companies subject to external audits and procedures and deadlines for appointing auditors. Recently, financial authorities have relaxed the composition of the auditor appointment committee from seven members to five and allowed video conferences if face-to-face meetings are unavoidable.

The FSS stated, "We will explain the main contents of the auditor designation system, including reasons for auditor designation, designation procedures and notification methods, and requests for redesignation," and added, "Related questions can be submitted through the FSS and the Chamber of Commerce and Industry representatives by the 15th."

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