Korean Listed Companies Association Distributes Free Training Videos on Internal Accounting Control System

Provided by Korea Listed Companies Association

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[Asia Economy Reporter Minwoo Lee] The Korea Listed Companies Association and accounting firm Deloitte Anjin have produced and released an internal accounting control system training video. This is to support listed companies in coping with the introduction of an internal accounting control system strengthened to the audit level.

On the 15th, the Listed Companies Association announced that it would release this training video as part of the 'Joint Business Agreement on Internal Accounting Control System' signed with Deloitte Anjin. This is to support companies in successfully operating the internal accounting control system ahead of 2023, when the scope of the strengthened internal accounting control system at the audit level will be expanded to all listed companies.

According to the amended External Audit Act enforced in 2018, companies required to operate an internal accounting control system must provide training on the system to executives and employees, including the CEO, as well as auditors (committees). Accordingly, the Listed Companies Association and Deloitte Anjin produced the video to support listed companies facing practical difficulties due to the strengthened certification level of the internal accounting control system implemented since last year and to assist companies that find it difficult to provide training on their own.

The training videos, created with the participation of Deloitte Anjin’s accounting audit and internal accounting experts, were produced separately for employees and auditors (committees). They have been made available for free on the websites of the Listed Companies Association and Deloitte Anjin Accounting Firm for not only member companies but all companies required to operate the internal accounting control system.

Kiheon Lee, Executive Vice President of the Listed Companies Association, said, "Many companies face a shortage of internal accounting control system specialists, and face-to-face training is difficult due to COVID-19. Actively utilizing this training video when conducting internal accounting control system training on their own will be very helpful."

Yongseok Jeon, Head of Deloitte Anjin’s Accounting Audit Division, said, "The amended External Audit Act further emphasizes the need for internal accounting control system training for company executives and employees. Since the internal accounting control system requires the participation and awareness enhancement of all employees regarding accounting transparency, we will do our best to help listed companies proactively respond to the new system through various activities."

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