Since the government increased the yearly certification quota for accountants to more than 1,000 in 2019, over 1,000 newly certified accountants have entered the Korean market annually.
Since the government increased the yearly certification quota for accountants to more than 1,000 in 2019, over 1,000 newly certified accountants have entered the Korean market annually.
External auditors will now be required to notify a company s internal audit department whenever they discover a case of accounting fraud amounting to 5 billion won ($3.9 million) or more. Companies will also be notified of accounting fraud committed by their staff members along with such violations by management, according to revised guidelines set by financial authorities on investigating accounting irregularities. The Financial Services Commission (FSC), the country s top financial regulator, as well as the Financial Supervisory Service (FSS), announced the revisions on Sunday, aiming to enhance the transparency of the local accounting system.