FSS Begins On-Site Investigation of Woori Bank Accounting Firm Over Employee Embezzlement

[Asia Economy Reporter Lee Jung-yoon] The Financial Supervisory Service (FSS) has begun preparations to initiate an audit of the accounting firm of Woori Bank, where an employee embezzlement case involving approximately 60 billion won occurred.

According to financial authorities, on the 29th, the FSS held an emergency countermeasure meeting chaired by FSS Governor Jeong Eun-bo regarding the Woori Bank embezzlement case and commenced an on-site investigation. The accounting firm in question is Anjin Accounting Corporation, which handled Woori Bank's external audits from 2004 to 2019. The embezzlement incident occurred during the period from 2012 to 2018.

Earlier, Governor Jeong stated after concluding a meeting with CEOs of foreign financial companies that he was considering initiating an audit of Woori Bank's accounting firm.

Governor Jeong said, "What the financial authorities must do is investigate and identify the fundamental issues regarding what loopholes exist in the internal control systems of financial companies that allowed such incidents to occur, and then improve them." He added, "There is a question as to why the accounting firm missed these issues while conducting the external audit."

According to financial authorities and the police, Woori Bank confirmed the large-scale embezzlement by an employee through an internal audit on the 27th and requested a police investigation. The employee has worked at Woori Bank for over 10 years and was employed in the Corporate Improvement Department, which manages companies requiring structural improvements. It was found that the employee embezzled approximately 60 billion won in three instances over six years from 2012 to 2018.

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