AUDIT & ATTEST

Audit, Attestation & Audit-Readiness Support in Korea

KTE helps foreign-invested companies understand Korean audit requirements and prepare reliable financial information for statutory audits, group reporting, investors and transactions.

We first clarify the purpose and required level of assurance. The work may involve audit readiness, financial statement support, agreed-upon procedures, a special-purpose review or coordination with an independent registered audit firm.

When Audit or Attestation Support May Be Needed

• A Korean company is approaching or meeting statutory external-audit criteria
• An overseas parent company or investor requests an independent review or reporting package
• A transaction requires financial due diligence or a focused review of financial information
• Management needs support preparing schedules, evidence and explanations for an external auditor

How We Help

1. Statutory Audit Readiness

We help assess the expected audit timetable, organize accounting records and supporting schedules, identify open items and coordinate communication between the Korean finance team, headquarters and the appointed external auditor.

2. Audit Support and Financial Statement Preparation

We can prepare or review supporting schedules, reconciliations and financial-statement information and help management respond efficiently to audit requests.

3. Agreed-Upon Procedures and Special-Purpose Reviews

Where appropriate, the engagement can be scoped around specific financial information, balances, transactions or procedures requested by management, an investor or another stakeholder.

4. Financial Due Diligence

We support targeted review of historical financial information, working-capital items, tax matters and other areas relevant to a proposed investment or transaction.

Typical Engagement Process

1. Confirm the purpose, users, reporting framework, deadline and required level of assurance.
2. Determine the appropriate engagement scope and whether an independent registered audit firm is required.
3. Agree the information request list, responsibilities and communication process.
4. Review the records, resolve questions and complete the agreed procedures or audit-readiness work.
5. Deliver the agreed report, schedules or support package.

The appropriate engagement depends on the applicable Korean law, intended users and independence requirements. A statutory external audit must be performed by an eligible independent audit firm. Where required, KTE can support management and coordinate with the appointed auditor.

Information We Usually Request

• Recent financial statements, trial balance and general ledger
• Supporting schedules and reconciliations for material accounts
• Corporate, financing and significant transaction documents
• Prior audit reports, management letters and open findings
• The requested reporting framework, deadline and intended users

Related Guides and Services

• Criteria for Companies Subject to External Audit in Korea
• External Audit Requirements in South Korea
• Bookkeeping & Finance Support
• Tax Filing & Advisory