"Accounting Reform, Audit Quality Are Key"...Korean Institute of Certified Public Accountants Holds Meeting with Audit Representatives

[Asia Economy Reporter Park Ji-hwan] The Korean Institute of Certified Public Accountants announced on the 11th that it held a 'Meeting of Representatives of Auditors of Listed Companies' on the 10th at the Festa Hall of Banyan Tree Hotel in Jung-gu, Seoul, targeting CEOs and heads of quality control offices of accounting firms registered as auditors of listed companies.

In his opening remarks at the meeting, Chairman Kim Young-sik stated, "The success or failure of accounting reform depends on auditors' compliance with laws and regulations and the enhancement of audit quality," and urged, "In the audit field where the core systems of accounting reform, such as standard audit hours and periodic designation systems, are being implemented, auditors of listed companies should fully commit to maintaining independence and improving audit quality."

At the meeting, there was a shared recognition that proactive and autonomous efforts by the accounting industry are urgently required to strengthen auditors' audit quality management systems. Additionally, the current status of audit quality-related regulatory operations by supervisory authorities was shared.

This meeting was conducted by dividing a total of 40 registered accounting firms into two groups and is scheduled to be held again on the 15th.

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