LabGenomics Proactively Strengthens Internal Accounting Control System... "Focusing on Corporate Transparency and Management Innovation"

Labgenomics announced on the 19th that it has completed advanced consulting with Samil Accounting Corporation to proactively strengthen its internal accounting control system.

Samil Accounting Corporation initially established Labgenomics' internal accounting control system in 2021. Due to their high understanding of the business, they also participated in this advanced consulting. The company is currently conducting education for executives and employees on the importance of internal accounting control. Guidelines are being provided to ensure all members comply.

A Labgenomics representative stated, “We have introduced an enterprise resource planning (ERP) system optimized for the company to drive management innovation,” adding, “Together with Samil Accounting Corporation, we have reorganized the financial reporting systems across sales, purchasing, and human resources to assess risks and prevent fraudulent activities.”

They continued, “Through this consulting, we have created a more transparent management environment and established a robust internal control system for settlement and accounting.”

Meanwhile, the strengthening of disclosures related to embezzlement and fraud risk fund controls, as well as the evaluation and reporting standards for internal accounting control systems, have been legislated this year as enforcement rules under the External Audit Act (Act on External Audit of Stock Companies, etc.). For KOSDAQ-listed companies, if there is a modification in the opinion on the internal accounting control system according to listing regulations, they are selected as investment caution stocks, increasing the importance of the internal accounting control system.

The internal accounting control system prevents and controls errors or fraudulent activities that may occur during the preparation and disclosure of accounting information by providing accurate financial information. It is recognized as a system that enhances the reliability of stakeholders.

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