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Practice Area|Tax & Accounting Center

Accounting Regulation

Due to the complete revision of the Act on External Audit of Stock Companies, the regulation and supervision on accounting has become more stringent. In particular, provisions regarding the investigation on directors' misconduct, sanctions on fraudulent accounting, and auditor’s liability for damages have all been strengthened. With the adoption of the system under which the listed company should designate an auditor on a regular basis and operate internal accounting management systems, the accounting responsibilities and duties of the director, auditor, and external auditor of a company have become more stringent. For this reason, consultation from an expert group in relation to accounting regulations is essential to ensure legal and efficient accounting work. 

Attorneys specialized in accounting regulation of Jipyong's Tax Team provide comprehensive advice on accounting regulations, including accounting supervision, delisting, and civil and criminal proceedings, while also supporting the business management of clients by efficiently working and creating synergy with other business groups. To give more specialized services, our attorneys, along with our Finance Group, respond to the Financial Supervisory service’s accounting supervision and conduct a substantial review of the listing of the listed corporations. Jipyong's Accounting Regulation Team collaborates with the Corporate Group to render legal services on accounting, and in joint with the Litigation Group, the team conducts civil and criminal lawsuits as well as administrative lawsuits in relation to accounting fraud to ensure the maximum protection of our client’s interests.

Attorneys specialized in accounting regulation of Jipyong's Tax Team, headed by attorney Young Kyu Yun, who has been in charge of financial regulation and account supervision for many years, consists of a number of attorneys, accountants, and professionals who have amassed experiences in areas of accounting supervision, substantial investigation of delisting, lawsuits regarding accounting fraud, including attorney Jin Kwon Kim who had previously handled the National Assembly and public policies of the government.

Key Practice Areas Close

    • Accounting related laws such as the Act on External Audit of Stock Companies, Financial Investment Services, and Capital Markets Act
    • Financial Supervisory service’s accounting, audit, and supervision work
    • Substantial investigation of delisting by the Korea Exchange
    • Prosecution investigation and criminal proceeding related to fraudulent accounting
    • Administrative measures related to accounting, such as imposition of penalties
    • Civil suits such as claim for damages related to accounting

Experiences Close

    • Advised “C”, “D” and “I” companies on accounting supervision by the Financial Supervisory service
    • Advised “D” and “K” companies on criminal affairs related to accounting fraud
    • Advised a number of companies regarding accounting laws