Under the Act on External Audit of Stock Companies
The Audit Quality Review Committee may take appropriate measures against non-complying auditors and CPAs as a result of their inspection. The appropriate measures are based on the relevant regulations pursuant to the Act on External Audit of Stock Companies (equivalent to the FSS). Where the quality control inspection results in issues and findings in the auditors’ quality controls, the Committee may prescribe remediating actions to be undertaken within a year.
Under the CPA Act
The Ethics Committee may take appropriate disciplinary measures against auditors or CPAs in violation of the CPA Act. Measures include fines and penalties or the suspension of all or portion of their practice. The decision on disciplinary measures against non-complying auditors is reported to the Financial Services Commission (FSC). The Ethics Committee may also request significant measures, such as the suspension of practicing as a CPA for more than one year to the FSC.
Under the Code of Ethics
The Ethics Investigation and Deliberation Committee may take appropriate disciplinary measures against auditors or CPAs, who violated KICPA’s regulations including failure to complete the required professional training program.
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