Financial Supervisory Service Holds Auditor Briefing for Listed Companies... "Registration Requirements Must Be Maintained"

Guidance on Amendments to External Audit Regulations and Precautions for Preparing Business Reports

The Financial Supervisory Service (FSS) announced on the 27th that it held the '2023 Auditor Briefing Session for Listed Corporations.' The briefing session took place at 2 p.m. on the same day in the main auditorium on the 2nd floor of the FSS building, targeting heads of quality control offices and personnel in charge of quality control tasks for auditors of listed corporations. The FSS urged auditors of listed corporations to comply with the obligation to maintain registration requirements. The registration requirements consist of 18 items, including personnel requirements, physical facilities and work methods, and review systems.

The FSS also explained the major accounting system improvement measures announced by the Financial Services Commission. Among the improvement measures, such as easing the reasons for auditor designation ex officio, improving the method of calculating auditor designation scores, and encouraging the securing of designated auditors, matters related to auditors of listed corporations were provided as guidance.

Additionally, the FSS explained cases of deficiencies in accounting firms' business reports, such as the submission deadline for business reports (within 3 months after the end of the business year), quality control-related information, and entries related to special related parties and spin-offs and mergers, and also explained precautions.

Furthermore, the FSS listened to difficulties and suggestions related to the work of personnel in charge of quality control tasks at accounting firms and shared opinions on inquiries related to auditor inspections.

The FSS expects that this briefing session will provide practical assistance to accounting firms in performing tasks such as quality control of audit work and compliance with the obligation to maintain registration requirements in the future.

An FSS official stated, "We plan to actively reflect the suggestions discussed at the briefing sessions in our work going forward, provide guidance on new systems through briefing sessions and meetings, and strengthen communication with the field to carry out effective auditor inspection tasks."

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