I'm told I'm subject to an accounting audit. What are the standards?

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accounting audit

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作者: 김국일

An accounting audit is, literally, a procedure where an external auditor inspects and confirms whether the company's financial statements have been properly prepared.

Not all companies undergo an accounting audit. Only companies that meet certain standards become "subject to external audit" and are legally required to do so.

This standard is set under the "Act on External Audit of Stock Companies, Etc.," and representatively, companies that meet the following requirements become subject to accounting audit.

Total assets of 12 billion won or more

Total liabilities of 7 billion won or more

Sales of 10 billion won or more

Number of regular workers of 100 or more

Among these, stock companies that simultaneously satisfy 2 or more of the 4 items become subject to external audit and must undergo external accounting audit.

In addition, these requirements are newly judged each year as of the end of the previous fiscal year.

For example, if you satisfy 2 or more of the above requirements as of the end of 2024, you become subject to external audit in 2025.

However, if you do not satisfy 2 or more of the relevant requirements as of the end of 2025, you do not need to undergo external audit in 2026.

That is, once you become subject to accounting audit, you must undergo it every year, but whether you are subject can change every year.

Please confirm the details through consultation with a specialist attorney.