I have an inquiry regarding reporting accounting fraud.

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My relationship with my husband has grown distant, and we both decided there's no meaning in continuing the marriage. Even though we agreed on divorce, do I need to hire a mutual divorce attorney? If I hire one, I'm wondering what parts they help with.

accounting audit

accounting fraud

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作者: 김국일

Hello. Damage to shareholders due to accounting fraud is a very serious matter, and not only civil damages claims but also criminal complaints are possible.

Particularly for listed companies, false disclosures, accounting fraud, and internal control violations that violate accounting standards may constitute violations of the Capital Markets Act and the Commercial Act.

To file a damages claim, you need data that can prove the existence of accounting fraud, the company's financial statements, the external auditor's audit opinion, internal data (board meeting minutes, emails, accounting slips, etc.), data that can prove damages to shareholders, and evidence of intent or negligence in the illegal act.

Also, criminal complaints are possible.

Accounting fraud is punished as a violation of the Financial Investment Services and Capital Markets Act, the Act on External Audit of Stock Companies, etc., and complaints can be filed against management, accounting personnel, external auditors, etc.

In the case of accounting fraud, imprisonment of up to 10 years or a fine of 2-5 times the amount may be imposed.

Lawsuits related to accounting fraud are more specialized and complex than ordinary civil lawsuits, so it is very important to receive assistance from an attorney specializing in finance and accounting and to thoroughly prepare evidence collection and legal requirements.

If the requirements for class action are met, I also recommend reviewing procedures under the Securities-related Class Action Act.