CPAs to Verify Firms' Reports
Publicly-owned companies with more than 2 trillion won ($1.5 billion) in assets will have to include certified public accountants' statements in their quarterly financial reports, the Finance Ministry said Thursday.The ministry, reporting to the National Assembly's finance and economy committee, also said that by next month it would prepare ways for institutional investors, including pension funds, to better monitor company management. It also said it would form a database of qualified persons who could be chosen as outside directors.
The Korea Stock Exchange and the Kosdaq will check quarterly to see that listed firms meet disclosure requirements.
with the Korea JoongAng Daily
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