On Mar. 18, SK FSC proposed revisions re auditor designation deferral.
SK FSC, SK GVT proposed revisions to Enforcement decree of the act on external audit of stock companies, with regard to a periodic deferral of external auditor designation.
Follows SK FSS Dec. 2024 said designation will be deferred by 3 years, see #239026.
Outline of Revisions
Allow companies with excellent accounting/audit governance structures to defer the designation of an external auditor for three fiscal years; companies with excellent accounting/audit governance which have been granted a grace period for designating auditors must maintain the requirements for deferral until the grace period ends.
Companies that have not maintained the requirements for deferral before the grace period ends may designate an external auditor; entrust SK FSS with tasks of accepting applications for deferral of auditor designation and notifying of a decision on deferral.
Plus, confirming the status of maintaining deferral requirements, post-management.
Effectiveness
Comments shall be submitted by Apr. 28, 2025.
Regulators
SK FSC; SK GVT
Entity Types
Auditor; Corp
Reference
CP, Nt 2025-128, 3/18/2025; Dec 34014, 12/19/2023;
