Samjong KPMG Successfully Holds 11th Audit Committee Support Center Seminar

Discussion on Strengthening the Role of Audit Committees

Samjong KPMG announced on the 2nd that it held the "11th Audit Committee Support Center (ACI) Seminar" on the 1st at the Grand Ballroom of the Grand Hyatt Hotel in Seoul, with 300 auditors and audit committee members from both listed and unlisted companies in attendance.

Samjong KPMG held the "11th Samjong KPMG Audit Committee Support Center (ACI) Seminar" on the 1st at the Grand Ballroom of the Grand Hyatt Hotel in Seoul. Samjong KPMG

Samjong KPMG ACI, which was launched in 2015 as the industry’s first specialized support organization for auditors and audit committees, marks its 10th anniversary this year. ACI has been hosting seminars every year?the first of their kind in the industry?to establish and promote the role of audit committees. With cumulative attendance now exceeding 4,000 people, it has established itself as the largest specialized audit committee seminar in Korea.

This seminar was organized around practical topics to address the rapidly changing management environment and the resulting governance issues. The main subjects included: considerations for boards of directors and audit committees in preparation for sustainability disclosures; the role of audit committees under strengthened fund controls and new internal accounting management system evaluation and reporting standards; and improvements in corporate governance and challenges for directors.

In particular, to enhance participants’ understanding, the activities of the board of directors and audit committees were recreated in a video drama format based on real-life cases, delivering a sense of realism and receiving enthusiastic responses from attendees.

In the first session, Han Daekeun, Managing Director of the Samjong KPMG ESG CoE, addressed "Considerations for Boards of Directors and Audit Committees in Preparation for Sustainability Disclosures." He reviewed the impact of ESG risks and opportunities on finance and emphasized the need for integrated oversight of financial reporting and ESG data processes.

In the second session, Cha Jeonghwan, Executive Director of Samjong KPMG’s Audit Division, explained the role of audit committees under the new internal accounting management system evaluation and reporting standards, focusing on the establishment of practical fund control systems and the strengthening of audit committee evaluation and disclosure.

In the third session, Shim Jeonghun, Deputy Leader of Samjong KPMG ACI, gave a presentation on "Corporate Governance Improvement and Challenges for Directors," discussing proposed amendments to the Commercial Act for the protection of general shareholders’ rights and governance improvement, as well as measures to enhance accounting transparency.

This was followed by a panel discussion featuring Samjong KPMG ACI advisory professors and speakers, including Lee Manwoo, Professor Emeritus at Korea University; Shin Jinyoung, Professor at Yonsei University School of Business; and Park Sojeong, Professor at Seoul National University Business School. The discussion provided an in-depth exchange between practitioners and academics.

Kim Minkyu, Deputy CEO and Leader of the Samjong KPMG ACI Center, stated, "This year’s seminar was intended to share practical insights for auditors and audit committees in celebration of the ACI Center’s 10th anniversary." He added, "In a rapidly changing risk environment, we will continue to provide professional and timely support to help audit committees become a core pillar of corporate trustworthiness and sustainability, and to strengthen sound corporate governance and accounting transparency."

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