Samjong KPMG ACI provides forward looking guidance for the current issues that audit committees and auditors are facing, and guidelines...
Samjong KPMG ACI provides forward looking guidance for the current issues that audit...
▶ Main Activities
1. The Seminar
1) The 1st ACI Seminar in commemoration of the foundation of Samjong KPMG ACI (June 17, 2015; Lotte Hotel Seoul)
Around 200 Audit committee members, non-executive directors, and auditors attended, and Kim, Kyo-Tae, CEO of Samjong KPMG, gave commencement for the 1st anniversary of the foundation. Presentations on corporate governance and current issues related to audit committees were given by Shin, Jae-Yoon; the former chairman of the Financial Services Commission, Dennis Whalen; the global leader of KPMG ACI, Kwon, Soo-Young; the former president of Korean Accounting Association and professor at Korea University, and Kim, You-Kyoung (Kate); Samjong KPMG ACI leader.
2) The 2nd ACI Seminar (Jun 24, 2016. Lotte Hotel Seoul)
Around 200 Audit committee members and auditors attended the 2nd seminar and had discussed about the future direction of audit committees to ensure transparency in the accounting industry. Lee, Man-Woo, a professor at Korea University, suggested the future direction of the role of audit committees with consideration of a more restricted regulatory environment. Jose Rodrigues, the global leader of KPMG ACI, presented on the weakness of the domestic audit committees compared to global best practices. Lastly, Kim, You-Gyoung (Kate), Samjong KPMG ACI leader, presented on the specific recommendations for domestic audit committees.
1) Publication of the ACI Handbook (December 2015)
Samjong KPMG ACI published South Korea’s first “Audit Committee Handbook”. The contents of the handbook are as follows: Corporate governance (Chapter 1), Audit committee system (Chapter 2), Operation of audit committee (Chapter 3), and Activities of audit committee (Chapter 4).
2) ACI Journal (planning to publish)
Samjong KPMG ACI plans to publish the ACI Journal based on domestic and global audit committee systems and relevant regulations, operation of board of directors committees, and shareholder’s rights. Specifically, Samjong KPMG ACI will mainly focus on the domestic companies’ current audit committee system.
3. Training Program for audit committee members
1) The 1st ACI Training Program (May 20, 2016; Samjong KPMG head office, Gangnam Finance Center)
Samjong KPMG ACI holds a training program for audit committee members with around 20 audit committee members and auditors from domestic companies. The domestic and global audit systems and the best global audit committee’s practices were introduced, and an in-depth discussion among members was held. Henceforth, Samjong KPMG ACI plans to hold the training program on a quarterly basis.
▶ Regular Activities
1. News & Regulation Daily Monitoring
Monitoring on news about domestic and global audit committees activities and accounting industry transparency, the relevant government laws and regulations, and provide weekly and monthly newsletters by summarizing the main issues
2. Contribution to external journals
Contributing articles on the audit committee system to the IIA Korea, the Korea Listed Companies Audit Association, and the media.
3. Survey and Analysis of Audit Committees and Auditors
Survey on the global board of directors and audit committee and share the results with the audit committee members
4. Supporting audit committees and auditors
- Response to the inquiry associated with critical regulatory changes and best practice of managing audit committees
- Provide opportunities for communication among audit committee members and auditors