Financial Supervisory Service Holds Online Briefing for New External Audit Targets

[Asia Economy Reporter Ji Yeon-jin] The Financial Supervisory Service announced on the 12th that it will hold an "Online Briefing on the Appointment of External Auditors for Companies Newly Subject to External Audit" on the 13th, together with the Korea Federation of Small and Medium Business and the Foreign Investment Ombudsman.

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Every year, more than 5,000 small and medium-sized enterprises are newly included as external audit targets due to increases in company size such as assets, liabilities, and sales, but many fail to appoint external auditors because they are unaware that they have become newly subject to external audit. As a result, 45 companies were assigned auditors last year.

In this briefing, detailed guidance will be provided on the criteria for determining companies subject to external audit, the procedures and deadlines for appointing auditors, and frequently asked questions (FAQ). Additionally, the briefing will explain how to use the External Audit Contract Reporting System for online auditor appointment reporting and the detailed step-by-step procedures for electronic reporting.

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