Politics · South Korea · 8 hrs ago
South Korea to Hold Accounting Firms and Leaders Responsible for Weak Controls
South Korea’s Financial Supervisory Service plans tougher accountability for failures in accounting firms’ internal controls.
The regulator says wrongdoing will not be treated only as an individual accountant’s misconduct.
It also plans to hold firms and their leaders responsible for oversight.
Financial Supervisory Service Governor Lee Chan-jin discussed the policy at a meeting in Seoul with chief executives and accounting experts from eight firms auditing listed companies.
The change matters because it puts responsibility on the organisations and managers overseeing audit work, as well as on individual accountants.
The regulator says it will strictly assess management and supervision responsibility when violations occur.
South Korea’s Financial Supervisory Service plans to hold accounting firms and their executives responsible for weak internal controls.
The regulator says it will not treat misconduct at a firm solely as an individual accountant’s lapse.
Financial Supervisory Service Governor Lee Chan-jin met with leaders of eight accounting firms that audit listed companies.
The meeting was held at the regulator’s office in Yeouido, Seoul, on November 10.
- Who
- South Korea’s Financial Supervisory Service and accounting firms. Governor Lee Chan-jin met with CEOs of eight firms and accounting experts.
- What
- The regulator plans to strengthen accountability for weak internal controls, including management and oversight responsibility.
- When
- November 10, 2026.
- Where
- The Financial Supervisory Service’s office in Yeouido, Seoul.
- Why
- The regulator says misconduct at accounting firms should not be treated only as individual accountants’ lapses.
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- Regulator
- South Korea’s Financial Supervisory Service
- Governor
- Lee Chan-jin
- Meeting date
- November 10, 2026
- Participants
- CEOs of eight accounting firms and accounting experts
- Meeting location
- Yeouido, Seoul
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What people are saying
Weak internal controls at accounting firms, including responsibility of management, will be held to account