FSS to Hold Online Briefing on Auditor Designation System

The Financial Supervisory Service announced on August 28 that it will hold an online briefing session on the auditor designation system in September, in line with the submission period for designated basic data by listed companies and others.

Listed companies with a December fiscal year-end (excluding KONEX), as well as large unlisted companies with no separation between ownership and management, must submit their designated basic data for auditor assignment between September 1 and 15. Failure to comply may result in the appointment of an auditor by the authorities.

Accordingly, the Financial Supervisory Service, in cooperation with related organizations such as the Korea Listed Companies Association, KOSDAQ Association, KONEX Association, Korea Federation of SMEs, and the Korean Institute of Certified Public Accountants, will post informational videos and explanatory materials on the auditor designation system through YouTube and the respective organizations' websites.

Specifically, the content will cover key aspects of the system, including reasons for periodic and ex officio designation, detailed designation periods and methods, as well as frequently asked questions from companies and auditors, such as important considerations when requesting re-designation. In particular, the briefing will provide a detailed introduction to amendments to the external audit regulations related to auditor designation, such as the periodic designation deferral system introduced this year, and the expansion of the industry specialization system for designated auditors to 11 sectors.

A representative from the Financial Supervisory Service explained, "If company or accounting firm personnel have questions, they can make inquiries through the Financial Supervisory Service website, and we will provide prompt responses to assist with the preparation of designated basic data."

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