Korea Exchange to Establish 'Autonomous Dispute Mediation Council' Next Year... Conflict Arbitration

The Korea Exchange announced on the 11th that it plans to establish and operate a 'Voluntary Dispute Mediation Council' next year to mediate conflicts between listed companies and designated auditors.

In a press release distributed to commemorate the 1st anniversary of the Small and Medium Enterprise Accounting Support Center's opening, the Korea Exchange stated, "To increase the acceptance and effectiveness of dispute mediation, the council members will be composed to ensure neutrality and expertise, and in cases where mediation fails, we plan to recommend sanctions such as cancellation of auditor designation to relevant authorities."

Over the past year, the Small and Medium Enterprise Accounting Support Center has conducted a total of 362 consultations with 212 companies regarding external audits, accounting treatment, internal controls, and related matters. Additionally, 1,445 accounting practitioners from small and medium listed companies have taken related training through the center.

Going forward, the center plans to expand support by providing external institution information on fair value evaluation for small listed companies with assets under 100 billion won, among other measures.

Son Byung-doo, Chairman of the Korea Exchange, said, "Since its opening, the center has actively conducted accounting consultations, education, and consulting, contributing to resolving difficulties by listening to the challenges faced by listed small and medium enterprises lacking accounting capabilities." He added, "Based on the achievements of the past year, we plan to develop and operate systematic and concrete support measures to reduce the accounting burden and strengthen the accounting capabilities of small and medium enterprises."

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