The Audit Committee Designates Elpatec for 'Accounting Standards Violation'
[Asia Economy Reporter Lee Seon-ae] The Securities and Futures Commission under the Financial Services Commission held a regular meeting on the 8th and announced that it has decided on measures such as auditor designation for Elpatec, which prepared and disclosed financial statements in violation of accounting standards.
According to the Securities and Futures Commission, Elpatec did not disclose transactions with related parties in the notes to the financial statements. Accordingly, the Commission decided on measures including imposing a fine on the company, designating an auditor for three years, recommending the dismissal of the CEO, and suspending the CEO's duties for six months. The imposition of the fine will be finally decided by the Financial Services Commission in the future.
Hot Picks Today
Up to 600 Million Won for Semiconductors, 160 Million Won Bonus for Loss-Making Non-Memory… Samsung Electronics Labor and Management Reach Tentative Deal on Unprecedented Performance Compensation (Comprehensive)
- "Could I Also Receive 370 Billion Won?"... No Limit on 'Stock Manipulation Whistleblower Rewards' Starting the 26th
- "From a 70 Million Won Loss to a 350 Million Won Profit with Samsung and SK hynix"... 'Stock Jackpot' Grandfather Gains Attention
- [Current State of K-Finance for Foreign Nationals]①From Niche to Core... Banks Go All-In on First-Mover Competition
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
Additionally, the Securities and Futures Commission decided on sanctions against the certified public accountant who was negligent in audit procedures related to transactions with related parties, including restrictions on audit work for Elpatec, restrictions on audit work for listed and designated companies, and mandatory training.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
