Financial Supervisory Service to Hold Online External Audit System Briefing on the 26th

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] The Financial Supervisory Service (FSS), together with the Korea Chamber of Commerce and Industry, announced on the 10th that it will hold an online external audit system briefing session on the 26th.

Every year, a 'nationwide touring briefing session' is held by visiting five major cities?Seoul, Daegu, Busan, Gwangju, and Ulsan?in person, but since last year, considering the COVID-19 situation, it has been converted to an online format.

At this briefing session, the FSS plans to provide guidance on major inquiries regarding auditor appointment and designation systems to corporate practitioners and external auditors. This is to answer common questions received in advance and to enhance understanding of the external audit system and prevent violations of the External Audit Act.

The auditor appointment section will explain the criteria for determining external audit targets, the auditor appointment procedures, and appointment reporting. It will also provide guidance on reasons and procedures for auditor designation and requests for redesignation.

Major inquiries will be addressed in a Q&A format, covering precautions when appointing auditors by company type, the composition and operation of the auditor appointment committee, and other related topics.

An FSS official stated, "The contents of this briefing session will be freely accessible to anyone via the YouTube channel," and added, "If you have any questions, you can inquire through the FSS accounting portal ‘Q&A,’ and we will respond promptly."

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