Financial Supervisory Service Holds Online Briefing on Auditor Designation System... "Prompt Responses to Inquiries"
Financial Supervisory Service, Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@
View original imageThe Financial Supervisory Service (FSS) announced on the 29th that it will hold an online briefing session on the auditor designation system in collaboration with the Korea Listed Companies Association, KOSDAQ Association, KONEX Association, Korea Federation of SMEs, and the Korean Institute of Certified Public Accountants.
The briefing session, scheduled for the 31st of this month, will introduce key aspects of the designation system, including the periodic and discretionary designation of auditors, the subjects, reasons, duration, and methods of designation. Additionally, it will provide guidance on the revised external audit regulations and the Enforcement Decree of the External Audit Act, which are set to be applied starting from the 2024 fiscal year regarding auditor designation.
Furthermore, the session will explain important points that companies subject to periodic designation and accounting firms wishing to be designated as auditors should consider when preparing and submitting the basic data report for auditor designation. It will also cover inquiries received this month from listed companies and auditors registered for listed companies concerning the auditor designation system.
The FSS plans to post the briefing session video and explanatory materials such as the manual for preparing the basic designation data on its website.
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An FSS official stated, "If company and accounting firm personnel have questions, they can inquire through the website, and we will promptly respond to support the preparation of the basic designation data." The official added, "In addition, a new 'Open Window' has been established within the External Audit Contract Reporting System, which can be used not only for inquiries but also for suggestions and other matters."
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