The Securities and Futures Commission Imposes Fines on 19 Companies Violating Internal Accounting Control Systems
[Asia Economy Reporter Lee Jung-yoon] The Securities and Futures Commission under the Financial Services Commission announced on the 19th that it has decided to impose fines on 19 companies and others for violating regulations related to the internal accounting management system for the 2019 and 2020 fiscal years.
According to the Financial Services Commission, the subjects of the fines include 19 companies, 17 representatives, 9 auditors, and 11 accounting firms, with the maximum fine amounting to 15 million KRW.
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The companies subject to the measures were found to have failed to establish internal accounting management systems, and the representatives did not report the operational status to the general shareholders' meeting, board of directors, and auditors. Furthermore, auditors either failed to evaluate the operational status or did not report it to the board of directors, and the audit firms did not express review opinions on the internal accounting management system in their audit reports.
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