Since the recent large-scale fraudulent accounting event, the financial authorities have strengthened the accounting audit regulations and the "The Act on External Audit of Stock Companies" has been completely revised. According to the revised law, sanctions are greatly reinforced such as penalties for fraudulent accounting, the maximum sentence allowable by law and the limitation period for compensation for damages, and therefore, active preparation for such change in law is absolutely necessary.

Since fraudulent accounting cases tend to last for a long-term to come to a resolution due to, for examples, investigation by financial investigative authorities and sanctions therefrom, substantial review of delisting, investigation by prosecution, and lawsuit brought by complainants for compensation for damages, efficient and professional responses are required at each stage based on accurate understanding and analysis of complex accounting standards. Lee & Ko has formed a "dream team" of accountants and attorneys with many years of experience in conducting accounting audits at large accounting firms, attorneys and specialists in charge of auditing and disclosure at the Financial Supervisory Service’s accounting and auditing departments, specialists from the Korea Exchange, prosecutors, and lawyers who have worked in prosecution or courts dealing with fraudulent accounting cases in courts to provide a one stop service for responding to the administrative, criminal and civil lawsuits and supervision and investigation of Financial Supervisory Service and the Korea Exchange.

01Introduction 02Expertise 03Major Cases 04Key Contacts 05Recent Accolades 06Recent Developments