Audit Committee Forum to Hold "2nd Annual Forum of 2025" on October 21

The Audit Committee Forum announced on the 18th that it will hold the "2nd Annual Forum of 2025" under the theme "The Role of Audit Committees in a New Business Environment" at the Westin Chosun Hotel in Jung-gu, Seoul, on October 21. The event is open to auditors and audit committee members and will be held in the format of a breakfast seminar.

The Audit Committee Forum is a non-profit organization jointly established in 2018 by the four major accounting firms in Korea (Samil, Samjong, Anjin, and Hanyoung) to enhance accounting transparency and strengthen the expertise of auditors and audit committee members. The forum supports the capacity building of auditors and audit committees through various programs, including regular forums and online training courses.

First, Choi Woonyeol, President of the Korean Institute of Certified Public Accountants, will give a presentation on "The Purpose of Accounting Reform and the Role of Audit Committees," discussing the fundamental meaning and intent of accounting reform as well as the core responsibilities of audit committees. He will emphasize that audit committees must fully understand the purpose of accounting reform and faithfully perform their oversight and supervisory functions.

In the second session, Kwon Sooyoung, Professor Emeritus at Korea University and currently Distinguished Professor at SUNY Korea, will deliver a lecture on "Communication in Critical Audit Matters: The Relationship Between CAM and Risk Salience." Professor Kwon will discuss effective techniques to enhance the usefulness of information on critical audit matters in Korea, drawing on U.S. research on CAM from the perspective of whether disclosure information is crafted to draw attention based on risk salience.

This year’s Audit Committee Forum will, for the first time, feature industry-specific sessions. NICE Investors Service will present on major issues in the financial sector and trends in the banking, insurance, and securities industries. Samjong KPMG Economic Research Institute will address six major issues and response strategies in the semiconductor industry. Samil PwC Management Research Institute plans to deliver a presentation on the basics and current status of the petrochemical industry.

A representative from the Audit Committee Forum stated, "The topics to be covered in the lectures, including the role of audit committees under accounting reform and the critical audit matters system, as well as the timely subjects to be shared in the industry-specific sessions, are expected to make a substantial contribution to the professional activities of auditors and audit committee members."

Meanwhile, the forum is sponsored by the Financial Services Commission and the Korean Institute of Certified Public Accountants. Registration is on a first-come, first-served basis via the official Audit Committee Forum website, and participation is free of charge.

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