Samjong KPMG announced on the 28th that it has published the 'Audit Committee Handbook 5th Edition,' reflecting the latest regulatory and institutional changes. This edition is also provided in e-book format to respond to changes in the digital environment.
In 2015, Samjong KPMG was the first in the industry to establish the 'Audit Committee Institute (ACI)' to enhance accounting transparency and promote sound corporate governance. In the same year, it published the Handbook for Audit Committees, a practical guide containing various research results on domestic and international regulations and best practices, and has since continuously published revised editions approximately every two years.
This 5th Edition reflects the latest regulatory reforms, including ▲ new internal accounting management evaluation and reporting standards ▲ guidelines for accounting treatment of virtual assets ▲ sustainability (ESG) disclosure standards ▲ International Financial Reporting Standards (IFRS) 18. Additionally, it encompasses the latest issues faced by audit committees, such as ▲ shareholder activism ▲ key audit matters ▲ accountability structures for financial companies ▲ strengthening internal controls in public institutions ▲ cyber security and artificial intelligence (AI) risk supervision.
The handbook consists of a main volume and a supplementary volume. The main volume includes ▲ corporate governance ▲ audit committee systems ▲ audit committee operations ▲ audit committee activity plans, providing an institutional understanding and operational guidelines on the entire audit committee system. The supplementary volume focuses on the audit committee's role in overseeing financial reporting, detailing communication with external auditors, supervision of key accounting policies, and preparations for the implementation of IFRS 18, thus enhancing its practical utility.
Kim Min-kyu, leader of Samjong KPMG ACI, noted, 'This revised edition broadly reflects the latest issues that audit committees must recognize and respond to, such as value-up programs and digital risk response.' He added, 'In particular, the supplementary volume is structured to provide practical assistance by organizing specific review points necessary for financial reporting oversight.'