This update is purely administrative and procedural, concerning auditor appointment processes for first-time external audit companies with no connection to financial services products or services.
This is an administrative announcement about audit compliance procedures and does not relate to investment services, asset management, or any regulated financial product.
Specialism
The update concerns procedural guidance on auditor appointment and regulatory reporting requirements for newly designated external audit companies, which relates to governance and regulatory reporting obligations.
The guidance also addresses governance expectations around auditor appointment procedures and compliance deadlines, though the primary focus is on the reporting and procedural requirements rather than board-level governance.
2026-04-10 10:29:42·rghosh@vixio.com
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TITLE: South Korea's Financial Supervisory Service Hosts Online Briefing on Auditor Appointment Procedures for First-Time External Audit Companies
BODY:
On April 10, 2026, the Financial Supervisory Service (FSS) announced it will conduct an online briefing session regarding auditor appointment procedures for companies undergoing external audit requirements for the first time.
The FSS will host the online session across multiple platforms, including its official YouTube channel, the FSS website (www.fss.or.kr), the Korea Federation of Small and Medium Enterprises (www.kbiz.or.kr), and KOTRA's Foreign Investor Ombudsman portal (ombudsman.kotra.or.kr). The briefing aims to provide comprehensive guidance on auditor selection procedures, responsible parties, and appointment processes to ensure newly designated external audit companies avoid penalties resulting from auditor non-appointment or delayed appointment.
Companies with December year-end accounting that become subject to external audit requirements for the first time in 2026 must appoint an auditor by the end of April 2026. Following auditor appointment, companies must report the contract to the Securities and Futures Commission (증선위) within two weeks. Failure to comply with these deadlines may result in auditor designation penalties and other administrative sanctions.
The FSS will provide detailed guidance covering external audit applicability criteria, auditor selection procedures, appointment processes, and electronic reporting requirements to facilitate timely auditor contract execution and reporting by newly designated external audit companies.
**Reference:** Financial Supervisory Service (www.fss.or.kr)