Legal Q&A

How do a financial statement review and an audit review differ? Is this a situation in which I should get the help of an accountant attorney?

Our company recently received notice from the financial authorities that it has become subject to a financial statement review. I understand this is a procedure different from an audit review, but I am worried about whether it is a simple document check or whether it could lead to problems such as accounting fraud. I would like to know whether this is a situation at this stage that requires the legal advice of an accountant attorney.

If an accounting fraud issue arises during the preparation of financial statements, will management also be punished?

I work as an executive in charge of finance at a company. Recently, it was pointed out internally that some of our accounting treatments may not conform to the standards, and I heard that they could be challenged during the external audit as well. Even if it is not intentional window-dressing accounting, I am curious whether being judged as accounting fraud could lead to criminal punishment, and how far the scope of liability actually extends.

By what procedure is the Financial Supervisory Service's accounting review conducted?

I received a notice that my company has become subject to the Financial Supervisory Service's accounting review. I am curious about how the examination stage and the review stage differ, in what cases it converts to a review, and to what extent the investigation is conducted at the review stage.

CPA attorney, in what cases does a company become subject to an external audit?

CPA attorney, I would like to know the criteria for being subject to an external audit. When a company is subject to an external audit, by when must it appoint an external auditor? I would also like to know whether the ordinary deadline for appointing an auditor applies in the same way in the case of an initial audit, and what disadvantages may actually arise if the relevant procedures are missed.

What disadvantages arise if a request to submit materials is refused during an accounting audit?

I am in a situation where I could not submit all the materials right away during an accounting audit, so could this too become a problem as a refusal of the accounting audit? I have never directly refused the audit, but I am curious whether submitting materials late or providing only part of them can also be subject to punishment. In addition, if such a matter is recognized as a violation of the External Audit Act, I would like to know the level of punishment and the direction of my future response.

I am curious about the level of punishment for violating the External Audit Act and how to respond.

I have been reported for a violation of the External Audit Act, and I am now facing trial. So I searched on Naver, but only the statutes were listed in plain text, so I could not really tell what the level of punishment would be.. If I am criminally punished for violating the External Audit Act, will I go to prison? Or is there also a fine or something like that? Please let me know the level of punishment and how to respond…

I would like to know the requirements for a revocation lawsuit in accounting supervision administrative litigation.

Hello. While looking into accounting supervision administrative litigation, a question came up, so I am asking. I heard that among accounting supervision administrative litigation there is something called a revocation lawsuit, but I do not really know exactly what kind of lawsuit it is. I would like to know specifically what requirements must be met to file this revocation lawsuit.

I would like to know in detail about the effects of delisting.

Recently, I saw a disclosure that a stock I hold has become subject to a delisting review. If the delisting is confirmed, will I really be completely unable to trade my shares? I heard there is a liquidation trading period, and I am also curious about how I should respond during that period. If the company continues to operate even after delisting, I would also like to know whether I retain any rights as a shareholder.

To an accounting attorney: what are the ways to contest the result of an accounting supervision review?

Hello. I am a business owner running a small or medium-sized enterprise. Recently, as a result of an accounting supervision review, I received a sanction, and I truly believe the result is unjust. In this case, can I really contest it through administrative litigation? Accounting attorney, I would really appreciate a prompt reply. Thank you.