The Roles oftheBoardofAuditand Inspection
1. 감사위원회의 역할
BAI, the Supreme Audit Institution ofthe Republic of Korea, is established under the President ofthe Republic, but it is independent in performing its duties. Provisions ofthe Constitution andthe BAI Act mention three major responsibilities of BAI: (i) BAI verifies the accounts of revenues and expenditures ofthe
and 111 ofthe constitution.
Article 65 of Korea Constitution states that "In case the President, the Prime Minister, members ofthe State Council, heads of Executive Ministries, Justices ofthe Constitutional Court, judges, members ofthe National Election Commission, the Chairman and members oftheBoardofAuditand Inspection, and other public officials designated by Act have violated the
the owner designate outside directors and chairman oftheboard chairman is responsible. In this case, the owner can present objections to the election of directors seems highly unlikely.
Unlisted companies(비상장회사)
listed companies(상장회사)
assign
Is not mandatory.
If directors are classified based.
If you install an audit committee is mandatory.
Is mandatory.
Total Numbe
< 2. Accounting regulation system >
●The act requires an audited balance sheet and profit and loss account,
approved by theboardof directors.
(Indian accounting standards also require a cash flow statement.)
●An accompanying directors' report must address the state of affairs ofthe company, its material commitments, recommended dividends, and other information necessary for underst
the Ministry of Justice as the
German standard-setting authority.
∙ GASB (The German Accounting Standards Board)
- Task : Technical work or Issue the accounting standard.
⇒ GASB is made up of 7 independent experts with a background
in auditing, financial analysis, academia, and industry.
∙ Working Groups
- Task : Examine and Make recommendations on the issues before the