Korea Capital Initiates Enhancement of Internal Accounting Control System..."Strengthening Internal Controls"

Korea Capital, a specialized financial company, has taken steps to strengthen internal controls to enhance the transparency of internal accounting.

On the 11th, Korea Capital announced that it has selected EY Han Young as a service provider and has begun efforts to advance its internal control activities.

The company plans to comprehensively review, supplement, and add to its existing internal control activities and systems, completing a more robust control design aligned with external audit standards and best practices.

The internal accounting management system refers to the internal control system over financial reporting, including the identification, recording, and reporting of accounting information necessary for preparing and disclosing reliable financial statements.

Korea Capital has utilized internal control by establishing internal accounting management regulations enacted in 2002 and revised in 2005, 2014, and 2019.

Amid recent successive financial accidents revealing vulnerabilities in internal controls and declining trust in the financial sector, Korea Capital aims to proactively advance its internal control system to further strengthen accounting transparency and the reliability of internal controls.

A company representative stated, "This advancement of the internal accounting management system goes beyond merely strengthening the system itself; through a meticulous review and supplementation of internal control systems that employees have regarded as customary, it will greatly enhance the system’s appropriateness and effectiveness as well as the sense of responsibility for internal controls."

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