[Alpha Biz=(Chicago) Reporter Paul Lee] The Financial Services Commission said on the 13th that a partial revision of the Enforcement Decree of the Act on External Audit of Stock Companies and others was approved at a Cabinet meeting and will take effect on the 19th, the date of its promulgation.

The revision of the enforcement ordinance and sub-regulations enacted policy tasks in accordance with the major accounting system supplementary measures announced by the Financial Services Commission in June to ease the burden of corporate designated audits and improved other operational deficiencies.

First of all, the introduction of a consolidated internal accounting management system for listed companies with assets of less than 2 trillion won will be suspended for five years. Specifically, listed companies with assets of more than 500 billion won and less than 2 trillion won will be postponed from 2024 to 2029, while listed companies with assets of less than 500 billion won will be postponed from 2025 to 2030, respectively.

Next, one of the reasons for the designation of the auditor's authority was abolished. In addition, a company that has designated an auditor for the fiscal year 2024 due to the designation of an investment stock ventilation item will lose the effect of designating an auditor for the fiscal year 2024 even if it has already been designated as an auditor.

In addition, the neutrality of the standard audit time deliberation committee will be strengthened. The number of "accounting information users" members recommended by the president of the Public Accountants Association will be reduced from four to three (one out of three will be recommended as academic personnel), and the recommended agency will be changed from the president of the Public Accountants Association to the Financial Supervisory Service.

In addition, the Small and Medium Business Accounting Support Center in the exchange will act as a neutral dispute settlement body between the designated auditor and the company for the unfair acts of the designated auditor. In addition, the exchange supports the performance of valuation services for small listed companies with assets of less than 100 billion won.

 

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