Samjong KPMG Publishes Internal Accounting Reference Book for Audit Committees and Auditors

Includes Key Trends and Checkpoints

Samjong KPMG has published a reference book to support the strengthening of internal accounting management systems, including disclosures related to fund control, as well as the evaluation and supervision of consolidated internal accounting management systems.

On May 13, Samjong KPMG announced the release of the "Internal Accounting Management System Handbook for Audit Committees and Auditors." This publication serves as a follow-up to the previous "Audit Committee Handbook."

This handbook systematically organizes the entire process of internal accounting management systems into five chapters, covering concepts, operation, evaluation, change management, and final reporting. It highlights key points that management teams and audit committees can immediately apply in practice.

Additionally, it provides detailed coverage of recent trends and key issues related to internal accounting management systems and consolidated internal accounting management systems. The handbook incorporates recent regulatory changes, including: ▲ the new standards for evaluation and reporting of internal accounting management systems; ▲ the mandatory disclosure of "fund fraud control" in management operation status reports; and ▲ the publication of guidelines for selecting the scope of consolidated internal accounting management systems. In particular, it offers specific content enabling audit committees to review their roles throughout the entire process. The appendix includes examples of operation status and evaluation reports, techniques applicable to small and medium-sized enterprises, and sample forms for disclosures related to fund fraud control.

Kim Minkyu, leader of the Audit Committee Institute (ACI) at Samjong KPMG, stated, "With the mandatory adoption of new evaluation and reporting standards and the strengthened requirements for disclosure and assessment of fund fraud control, regulations related to internal controls have become even stricter. We hope that this handbook will serve as a practical guideline for companies to establish effective fund control and operate and supervise consolidated internal accounting management systems efficiently."

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