I would like to request legal counsel on accounting supervision.

Accounting supervision refers to the act of the Financial Supervisory Service overseeing and managing whether companies have properly performed accounting audits without deviating from audit standards.

The Financial Supervisory Service conducts accounting supervision on companies every year. As market demands for accounting transparency continue to rise and the Act on External Audit of Stock Companies, etc. has been entirely revised, financial supervisory authorities are implementing accounting supervision under stricter standards.

If accounting fraud charges are recognized, under violations of the External Audit Act, the punishment is imprisonment of up to 10 years or a fine of 2 to 5 times the profit gained or loss avoided through the act. Also, if accounting fraud facts are detected, severe punishment cannot be avoided and the violation may be publicly disclosed.

Our firm assists with overall responses to financial supervisory authorities' accounting supervision, including establishing pre-response measures suited to the client's case, confirming and reviewing Financial Supervisory Service financial statement examination responses, accounting supervision objection filings, and administrative lawsuit representation, through collaboration between criminal specialist attorneys, CPA attorneys, and CPAs.

We also provide legal counsel on civil and criminal lawsuits related to corporate accounting and responses to listing eligibility substantive examinations for listed corporations. If you need help, please consult with a CPA attorney in our accounting supervision group.