From April 2025, Nonghyup with assets over 800 billion won must appoint a full-time auditor

Mandatory Appointment Standard for Standing Auditors in Regional Agricultural Cooperatives Asset Threshold Reduced from 1 Trillion Won to 800 Billion Won

The Ministry of Agriculture, Food and Rural Affairs announced that the 'Enforcement Decree of the Agricultural Cooperative Act,' which expands the obligation to appoint a full-time auditor (one person) from 'regional agricultural cooperatives and commodity cooperatives' with total assets of 1 trillion KRW or more to agricultural cooperatives with total assets of 800 billion KRW or more, passed the Cabinet meeting on the 30th.

As of the end of 2023, there are 128 agricultural cooperatives with total assets of 1 trillion KRW or more, and 178 with total assets of 800 billion KRW or more. A total of 50 additional agricultural cooperatives will appoint full-time auditors, and the Ministry of Agriculture, Food and Rural Affairs expects that strengthening audit expertise will solidify internal controls within the agricultural cooperatives.

This enforcement decree is scheduled to take effect in April 2025, six months after the promulgation process. Before enforcement, plans include revising the articles of incorporation of agricultural cooperatives newly obligated to appoint full-time auditors, providing education and publicity related to the appointment of full-time auditors through the Nonghyup Central Association, and offering guidance.

Yoon Won-seup, Director of Agricultural Policy at the Ministry of Agriculture, Food and Rural Affairs, stated, "We will closely manage the additional appointment of full-time auditors at agricultural cooperatives in cooperation with the Central Association to ensure smooth progress and to enhance public trust in agricultural cooperatives."

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