Samjong KPMG ACI supports the audit committees and auditors to define their roles to emphasize the importance of oversight of financial reporting...
Samjong KPMG ACI supports the audit committees and auditors to define their roles...
The latest significant accounting fraud cases brought more attention to the public and brought an increased focus on the necessity for transparency in the accounting industry transparency as well as building a stronger internal control system for companies. Furthermore, financial supervisory authorities in Korea have made continuous efforts on increasing transparency in the accounting industry and strengthening audit committees and auditors roles by amending the ‘Act on External Audit of Stock Companies’, providing ‘the Best Practice of Operating Audit Committee and Audit on External Audit’, and etc. To correspond with these efforts, Samjong KPMG launched Samjong KPMG ACI in April of 2015.
Since the establishment of Samjong KPMG ACI, the inaugural annual seminar which was titled, ‘Changing trends: the Role of Audit Committees’ was held in June 2015. Subsequently, Samjong KPMG ACI held a 2nd seminar titled, ‘The direction to improving Audit Committee for Accounting Industries Transparency’ in June 2016.
Also, In December of 2015, Samjong KPMG ACI published ‘The Audit Committee Handbook’ which is the first book published for audit committees and auditors to support operating audit committees.
Samjong KPMG ACI also held training programs for audit committee members and auditors, facilitating interaction between them, and provided updated industry news. Samjong KPMG ACI researched on the current status of audit committee system in Korean companies, contributed to journals about the importance of auditor’s role and analyzed results of the survey of audit committee members in regard to corporate governance and audit committees.
Global KPMG ACI was established in 1999 and sponsored by more than 35 member firms around the world. Global KPMG ACI provides audit committees the guidance on the audit committee’s role in oversight in financial reporting, risk management, business strategy, and audit quality.