Financial Supervisory Service: "Listed companies with December fiscal year-end must submit basic materials by September 15"

The Financial Supervisory Service held an online briefing on the auditor designation system on the 28th and informed listed companies about the submission of basic materials.

On that day, the Financial Supervisory Service, together with relevant institutional investors including the Korean Association of Listed Companies, KOSDAQ Association, Konex Association, SME Central Federation, and the Korean Institute of Certified Public Accountants, posted videos and other materials explaining the auditor designation system via YouTube and each institution's official website.

Under the External Audit Act, companies subject to periodic designation and accounting firms seeking designation as auditors must submit basic designation materials annually. A total of approximately 2,700 companies with December fiscal year-ends and all 37 listed company auditors (accounting firms) are due to submit their materials next month.

Companies with fiscal year-ends must submit basic materials by September 15, while accounting firms must do so by September 14.

According to the Financial Supervisory Service, companies must report on their auditor appointment status over the past six years, whether ownership and management are separated, and whether there is a need for industry expertise from designated auditors. Accounting firms must provide information on the number of affiliated certified public accountants, the number of personnel responsible for quality control operations, and their ability to compensate for damages.

The Financial Supervisory Service plans to support companies and accounting firm officials by enabling them to submit inquiries through its official website and receive prompt responses.