Lee & Ko was engaged to identify the compliance risks pertaining to the Act on External Audit of Stock Corporations and the Certified Public Accountants Act. Based on the results of the tailored diagnosis, Lee & Ko provided support to the accounting firm in establishing an internal control system to mitigate such risks.
In addition, in accordance with relevant laws and ethical codes, Lee & Ko reviewed whether the firm was in compliance with the independence and fairness standards required for auditors. After identifying actual and potential instances of violations, Lee & Ko established a system to prevent recurrence of similar instances and helped the firm to respond to investigations by authorities. Lee & Ko also provided proposals for revision of relevant laws to prevent similar risks based on analysis of foreign regulatory schemes.