The Audit Committee Restricts Audit Duties of Hyundai Accounting Corporation Accountants for Violating the External Audit Act
[Asia Economy Reporter Park Jihwan] The Securities and Futures Commission under the Financial Services Commission announced on the 3rd that it has decided to impose audit work restrictions and other measures on CPA A, affiliated with Hyundai Accounting Corporation, for violating the "Act on External Audit of Stock Companies, etc."
According to the Securities and Futures Commission, CPA A violated the External Audit Act by providing calculation details necessary for preparing financial statements to the audited company.
According to the External Audit Act and its Enforcement Decree, auditors of a company and certified public accountants affiliated with those auditors must not perform calculations or accounting entries (the act of dividing account titles and amounts when recording accounting) necessary for preparing the financial statements of the audited company.
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The Securities and Futures Commission decided to impose a one-year restriction on audit work for CPA A regarding publicly listed companies (excluding KOSDAQ and KONEX listings) and designated companies, a one-year restriction on audit work for the relevant company, and a six-hour job training sanction.
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