[Alpha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service (FSS) held a meeting with representatives of the audit division of Samjeong, Samil, Anjin and Hanyoung accounting firms on the 18th.

In particular, it has been pointed out that companies have difficulties in discussing audit fees because they do not receive specific information such as audit hours or "the hourly rate" of participating certified public accountants that affect the calculation of audit remuneration in audit contracts.

In response, the FSS said, △ provide information on the audit time and hourly rate of certified public accountants △ asked accounting firms to improve internal standards for consistent audit compensation. The purpose of the accounting firm is to clarify the criteria for additional expenses internally.

In addition, the FSS asked accounting firms to provide active refunds if the actual audit time decreased compared to the expected input time. In addition, an improvement plan was proposed to provide a statement when claiming additional expenses, and not to claim if the nature of the compensation for actual expenses is unclear.

In addition, the FSS explained the need to companies subject to audit when asking for an external assessment and asked them to make a document in the audit report in consideration of growing corporate discontent over excessive demands from accounting firms during external audits. Also, when requesting forensics to the company, it was suggested to have a prior discussion with the quality control office in the accounting firm.

The Financial Supervisory Service expects that it will serve as an opportunity to ease the burden related to external audits and increase the sense of responsibility of accounting firms performing public duties by improving the practices of accounting firms in the future.

 

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