Amended External Audit and Accounting Regulations of Korea in 2018
|
1. Assets |
2. Liabilities |
3. Sales |
4. # of employees |
|
Less than Won 12 billion |
Less than Won 7 billion |
Less than Won 10 billion |
Less than 100 employees |
In addition, previously Yuhan Hoesa was not subject to annual statutory external audit in Korea. However, under the amended regulations, Yuhan Hoesa shall also be subject to annual statutory external audit requirement starting from November 1, 2019 unless the company meets at least 3 or more of the following conditions and deemed as a small sized company.
|
1. Assets |
2. Liabilities |
3. Sales |
4. # of employees |
5. # of members |
|
Less than Won 12 billion |
Less than Won 7 billion |
Less than Won 10 billion |
Less than 100 employees |
Less than 50 members |
A standard for large scale companies is also newly introduced in the amended regulations. Companies having Won 50 billion or more of total assets or sales will no longer be treated as a small sized company and become subject to annual statutory external audit (approximately 2,000 large scale companies are expected to be affected by this change).