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Violations of Pre-Audit Financial Statement Submission Rise to 76 Cases
Commercial Services · Financial Publishing/Services · yonhap_finance · 2026-09-03
The Financial Supervisory Service reported 76 violations of pre-audit financial statement submission for fiscal year 2024, an increase of 24 from last year.
What Happened
Violation Statistics: The Financial Supervisory Service (FSS) reported that there were 76 instances of failure to submit financial statements before audits for the 2024 fiscal year, marking an increase of 24 cases compared to the previous year. Both listed and unlisted companies saw a rise in non-compliance.
Disciplinary Actions: Companies found in violation were subject to penalties, including the appointment of external auditors, warnings, and cautions. The FSS attributed these violations primarily to a lack of understanding of regulations and factual errors by company staff.
Submission Requirements: The FSS emphasized that listed companies with assets over 500 billion won and all financial institutions, regardless of size or listing status, are mandatory submitters. Companies must ensure all financial statements, including consolidated ones, are submitted to the Securities and Futures Commission.
Compliance Guidance: Companies are advised to verify submission deadlines if their annual general meeting schedules change. Furthermore, the FSS reminded entities to adhere strictly to accounting audit guidelines and noted that listed public institutions are also subject to external audit laws.