Samjong KPMG Successfully Concludes 'AOP' for New Auditors and Audit Committee Members... Supporting the Enhancement of Accounting Oversight Capabilities

Review of Directors’ Duty to Shareholders, ESG, and K-IFRS No. 1118
"Advancing Governance through Practical Training"

Samjong KPMG announced on May 12 that it had successfully held a training program for new auditors and audit committee members (AOP) for 170 participants on the previous day at the Grand Intercontinental Seoul Parnas in Gangnam-gu, Seoul.

The AOP is an educational program operated annually since 2015 by the Samjong KPMG Audit Committee Institute (ACI), aimed at establishing the proper roles and strengthening the practical capabilities of auditors and audit committees. Now in its 13th year, this course was based on the "Audit Committee Handbook" published by the Audit Committee Institute, and included separate sessions on the accounting oversight functions of the audit (committee).

The event consisted of four sessions in total. The first session covered issues in corporate governance, focusing on cases of strengthening ordinary shareholders and shareholder activism, amendments to the Commercial Act, and trends in corporate value-up programs. In the second session, the core activity areas of audit committees were examined, along with recent developments in accounting, the internal accounting control system, and the mandatory ESG disclosure requirements.

The third session presented the roles, authority, and responsibilities of audit committees and auditors, centering on discussions of amendments to the Commercial Act, including the duty of directors to act in the best interest of shareholders. The final session emphasized the key accounting oversight roles that auditors and audit committees must fulfill in a changing accounting environment, as well as response strategies for the implementation of K-IFRS No. 1118.

Kim Kyotae, CEO of Samjong KPMG, said, "With the amendment of the Commercial Act, the role of the audit committee is crucial for enhancing accounting transparency and establishing sound corporate governance," adding, "We will continue to support auditors and audit committee members so that they can maintain their expertise and fulfill their roles appropriately."

Meanwhile, a Samjong KPMG representative explained that participants in this training program will be issued a certificate of completion, and that, in accordance with corporate disclosure form guidelines, this will be recognized as accredited training for auditors and audit committee members eligible for inclusion in business reports.