| Title | External Audit Law of Korea 2014-12-11 15:30:26 |
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| Attachment | ACT_ON_EXTERNAL_AUDIT_OF_STOCK_COMPANIES.pdf (file size 363KB) ENFORCEMENT_DECREE_OF_THE_ACT_ON_EXTERNAL_AUDIT_OF_STOCK_COMPANIES.pdf (file size 355KB) |
| Writer | Sam Shin |
| Views | 920 |
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Korean Stock companies of which total assets, total liabilities or sales for the previous fiscal year is in excess of certain amounts should be subject to statutory audit and audited financial statements should be submitted with an e-format to regulators (Financial Supervisory Services). Deadline for submission is in three months after the fiscal year-end for individual financial statements and three months or four months after the fiscal year-end for consolidated financial statements depending on the size (usually four months). Once the company's financial figures (described above) exceeded the threshhold for the previous year, the company should appoint external auditors in 4 months after the start of the fiscal year and a copy of the engagement letter should be filed with FSS. The file attached contains External Audit Law that governs such procedures.
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