This article was published on Aug. 29, 2025, at 11:42 a.m. on the ChosunBiz MoneyMove site.
The competition among large accounting firms, such as Samil, which is looking to maintain its position as the external auditor for KB Financial Group, and Samjeong and Anjin, which are seeking to take over the role, is intensifying. Last month, Shinhan Financial Group changed its external auditor from Samjeong to Samil after three years, marking the start of a 'take and take' scramble.
According to the accounting industry on the 29th, KB Financial recently received proposals from large accounting firms to appoint an external auditor. KB Financial plans to hold a competitive presentation (PT) around mid-September and select the firm that will conduct audits for the next three years. Currently, KB Financial's external auditor is Samil.
The audit contracts for financial groups include numerous subsidiaries, making unit prices high and competition fierce. It is known that the compensation reaches 10 billion to 15 billion won annually, and if an auditor is appointed for a maximum of six years under the designated auditor system, it can generate nearly 100 billion won in revenue.
According to the new external audit law, corporations that have been designated auditors by the financial authorities for three years can freely appoint auditors for the next six years. Since the four major financial groups fall into this category, accounting firms are fiercely competing to be chosen. Previously, Samil was the auditor for KB Financial, Samjeong for Shinhan and Woori Financial, Hanyoung for Hana Financial, and Anjin for NH Nonghyup Financial.
However, as Shinhan Financial recently opted for a replacement instead of reappointing its external auditor, the originally fierce competition has intensified further. The industry had expected Samjeong, which conducted audits for the previous three years, to fill the six-year term in terms of audit continuity. However, with Shinhan Financial backing Samil, there are now predictions that KB Financial may also change its auditor.
A representative from a large accounting firm said, 'Because KB Financial, which selects its external auditor the month after Shinhan Financial, already has Samil as its existing auditor, it is expected that Samjeong, which lost Shinhan Financial, will actively pursue this opportunity.' They added, 'I know that Anjin is also actively appealing with support from their partner, Deloitte.'
The sales strategies of these accounting firms targeting financial group auditors are diverse. If an accounting firm attempts to secure two or more financial groups, the typical approach involves raising concerns about market oligopoly and fairness among competing firms. Conversely, those aiming for additional financial group auditor positions emphasize that they have separate audit teams for each group, highlighting their capacity to conduct audits in multiple places.
Another representative from a large accounting firm said, 'Since the compensation is substantial, the workload is heavy, and the number of personnel involved reaches over 100, there are places that emphasize this capability.' They added, 'All firms would likely be in the same situation, but the representatives and chairpersons of accounting firms are trying to increase their connections by appearing in private meetings with financial holding audit committee members and acquaintances.'