FSS Reviews Accounting Audit of Osstem Implant for Embezzlement of 188 Billion Won

[Image source=Yonhap News]

[Asia Economy Reporter Park Ji-hwan] Financial authorities have decided to consider whether to initiate an accounting audit on Ostem Implant, where an embezzlement case involving 188 billion KRW occurred.

According to financial authorities on the 6th, the Financial Supervisory Service (FSS) plans to review the initiation of an accounting audit once the amount related to the Ostem Implant embezzlement case is confirmed through police investigations and the financial statements are revised.

Since the company only became aware of the embezzlement later, it is reported that the review of whether to start an audit will be possible after first monitoring the corrections or revisions made to past financial statements.

Even if a revised disclosure is not made, considering the social impact of the case, the process of issuing the audit report in March will be monitored, and if any issues are found during the review, it is understood that the case will be converted into an audit for closer examination.

However, since the investigation is still ongoing, the likelihood of the FSS intervening before the company discloses or revises its financial statements remains low at this time.

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