The Financial Supervisory Service will hold a traveling briefing on the external audit system in five cities nationwide starting at the end of this month.
On the 8th, the Financial Supervisory Service (FSS) said it would hold a briefing to raise corporations' and auditors' understanding of the Act on External Audit ahead of the timing to conclude audit contracts for corporations with a December settlement of account.
The briefing was planned because, although listed companies or stock companies above a certain size must appoint an external auditor within the statutory deadline under the Act on External Audit, violations have been frequently uncovered due to a lack of understanding of the system.
Starting in Seoul on the 26th of this month, it will be held in Gwangju on the 27th, Daegu on the 28th, Ulsan on the 29th, and Busan on the 30th. The Financial Supervisory Service (FSS) plans to explain the auditor appointment system, including criteria for determining whether an external audit is required and grounds for exemption, as well as the auditor designation system, such as periodic designation or designation ex officio and auditor allocation methods by corporation.
Corporations and auditors who wish to attend can apply in advance through the websites of the chambers of commerce in the cities where the briefings will be held.
An FSS official said, "While we will encourage participation by local corporations and auditors through prior notice, we will also post related materials on the FSS website after the briefing so that those who do not attend can refer to them for their work."