Samjong KPMG, 7th Audit Committee Support Center Webinar on the 22nd

[Asia Economy Reporter Ji-hwan Park] Samjong KPMG announced on the 5th that it will hold the 7th Samjong KPMG Audit Committee Institute (ACI) webinar for auditors and audit committee members on the 22nd.

Last year, Samjong KPMG attracted great attention by being the first in Korea to use a video drama to present key activities of the audit committee during the webinar. This year’s webinar will also provide an opportunity to discuss the key roles of the audit committee on the topic of ‘Audit Committee’s Duty to Investigate and Report Fraud’ through a video drama.

The ‘Samjong KPMG Audit Committee Institute (ACI) Seminar’ is considered the largest audit committee seminar in Korea, with over 1,600 auditors and audit committee members attending. This seminar will be held as a webinar to prevent the spread of COVID-19.

Han Eun-seop, Head of the Audit Division at Samjong KPMG, emphasized, “With the enforcement of the revised External Audit Act, the supervisory role of the audit committee regarding fraud investigations and follow-up measures related to financial reporting has been strengthened. The responsibility for fraud prevention and detection lies with the company’s management and the audit committee overseeing them, and an active supervisory role can strengthen the fraud prevention system.”

The first session of the webinar will feature Professor Song Ok-ryeol from Seoul National University School of Law as the presenter, who will share updates on laws and regulations that the audit committee should pay attention to. This includes the Fair Economy Three Acts and reforms to the corporate disclosure system, examining the legislative environment that the audit committee needs to be aware of.

The second session will introduce case studies of audit committee activities through a video drama presented by Shim Jeong-hoon, Executive Director at Samjong KPMG. Four videos covering the introduction of the audit committee system, receipt of fraud reports and management’s response, external auditor’s suspicion raising, and audit committee-led fraud investigation and follow-up actions will be screened, followed by sharing real-time survey results and their implications.

During the panel discussion, Samjong KPMG advisory professors (Professor Lee Man-woo of Korea University, Professor Jeon Young-soon of Chung-Ang University, Professor Song Jae-yong of Seoul National University) and the speakers will participate to discuss audit committee activity cases and hold a Q&A session.

Kim Yu-kyung, leader of the Samjong KPMG Audit Committee Institute (ACI), stated, “Auditors and audit committees must faithfully perform their duties of fraud investigation and reporting in accordance with the External Audit Act and the Audit Committee Best Practices. They should supervise the operation of internal reporting systems to detect fraud or its signs and continuously monitor fraud prevention programs.” She added, “We hope that the self-produced video content in this webinar will help improve the practical execution and understanding of audit committees.”

Samjong KPMG established the ‘Audit Committee Institute (ACI)’ in 2015, the first in the industry, to support enhancing accounting transparency and improving corporate governance. It was the first in Korea to publish the ‘Audit Committee Handbook’ to assist the practical roles of audit committees, and in April launched a regular education course for audit committees on the online knowledge content platform ‘Samjong KPMG Academy,’ conducting various activities to enhance accounting transparency and advance corporate governance in Korean companies.

Participation in the webinar is available through the Samjong KPMG website, and access details will be individually provided on the day to those who register in advance.

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