회계감독체계의 효율화방안

Abstract

Several diverse laws such as Commercial Law or Act on the Capital Market are related to accounting or audit of companies in general, however Act on the Certificated Public Accountant and Act on External Audit of Stock Companies are major regulatory laws on supervision or oversight over the accounting and audit by external auditors. While the purpose of the Act on the Certificated Public Accountant is to establish the system of certificated public accountants, the regulation of Act on External Audit of Stock Companies is focused on ensuring the appropriateness of accounting through obliging a stock company to be audited by an external independent auditor. But despite of functional difference between two Acts their supervisory regulations are so duplicate that some provisions of the Act on the Certificated Public Accountant involve sanctions or enforcements against auditor's activities, which are explained as a exclusive task of Act on External Audit of Stock Companies in a view of the legislative function because of its relationship to protection of investors and of function of capital market. Also accounting supervisory organizations have similar problem. Securities & Future Commission, even though it is in origin as a lower part of Financial Supervisory Commission, undertakes exclusively official supervision and oversight in fields of accounting, audit and capital market. In this relevance an inappropriate regulations of Act on External Audit of Stock Companies, summarized as that Securities & Future Commission can not enforce by itself some selected sanctions against Auditors' breach, but can only recommend the Financial Supervisory Commission to do any enforcement, should be reformed.