Auditors in Korea to be Fined for False Disclosure

External audit firms are to be fined in South Korea if market-listed companies they audit are found to have made falsified disclosures on issuing new shares or bonds. Under the current regulations, only such firms have been fined.

The Financial Supervisory Service (FSS) said Sunday that the regulator would levy fines on external auditors who certify listed firms' false documents made for issuances of new shares and bonds as correct.

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