ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
Wholly Amended by Presidential Decree No. 15309, Mar. 22, 1997
Amended by Presidential Decree No. 15748, Apr. 1, 1998
Presidential Decree No. 16846, jun. 23, 2000
Presidential Decree No. 17238, jun. 18, 2001
Presidential Decree No. 18312, Mar. 17, 2004
Presidential Decree No. 18352, Apr. 1, 2004
Presidential Decree No. 19374, Mar. 10, 2006
Presidential Decree No. 20947, Jul. 29, 2008
Presidential Decree No. 21969, Dec. 31, 2009
Presidential Decree No. 22493, Nov. 15, 2010
Presidential Decree No. 22717, Mar. 22, 2011
Presidential Decree No. 23002, jun. 30, 2011
Presidential Decree No. 23488, Jan. 6, 2012
Presidential Decree No. 23759, May 1, 2012
Presidential Decree No. 23884, jun. 27, 2012
Presidential Decree No. 24638, jun. 28, 2013
Presidential Decree No. 24697, Aug. 27, 2013
Presidential Decree No. 27069, Mar. 29, 2016
Presidential Decree No. 27205, May 31, 2016
Presidential Decree No. 27535, Sep. 29, 2016
Presidential Decree No. 28834, Apr. 24, 2018
Presidential Decree No. 29269, Oct. 30, 2018
Presidential Decree No. 30063, Aug. 27, 2019
Presidential Decree No. 31169, Nov. 24, 2020
Presidential Decree No. 31176, Nov. 24, 2020
Presidential Decree No. 31380, Jan. 5, 2021
Presidential Decree No. 32600, Apr. 19, 2022
CHAPTER I GENERAL PROVISIONS
The purpose of this Decree is to prescribe matters mandated by the Certified Public Accountant Act and matters necessary for enforcing that Act. <Amended on Mar. 10, 2006>
| Article 2 (Subjects and Methods of Certified Public Accountants Examination) |
| (1) | Subjects and distribution of marks by subject of the certified public accountant examination (hereinafter referred to as the "examination") provided for in Article 5 (2) of the Certified Public Accountant Act (hereinafter referred to as the "Act") shall be as set out in attached Tables 1 and 2. <Amended on Apr. 1, 2004; Mar. 10, 2006> |
| (2) | While the preliminary examination shall be a multiple-choice test, the secondary examination shall be an essay test. |
| (3) | English subject among those of the preliminary examination as referred to in paragraph (1) shall be substituted by the record of an English test conducted by another examination agency (hereinafter referred to as "English test") on or after the 1st of January of the year whereto belongs the date when two years have passed retroactively from the examination date. <Amended on Apr. 1, 2004; Sep. 29, 2016; Apr. 19, 2022> |
| (4) | Types and qualifying marks of the English test shall be as specified in attached Table 3. <Newly Inserted on Apr. 1, 2004; Mar. 10, 2006; Feb. 29, 2008; Apr. 19, 2022> |
| (5) | A person who intends to apply for the examination shall submit the following documents to the Financial Services Commission, as prescribed by Ordinance of the Prime Minister: <Newly Inserted on Apr. 19, 2022> |
| 2. | A English test report card issued by another testing institution; |
| 3. | A copy of a certificate of registration of a person with a disability under the Act on Welfare of Persons with Disabilities (limited to a person with hearing loss of at least 80 decibels in both ears (hereinafter referred to as "hard-of-hearing person") among hard-of-hearing persons referred to in subparagraph 4 of attached Table 1 of the Enforcement Decree of the Act on Welfare of Persons with Disabilities). |
| (6) | Where necessary to verify the documents specified in paragraph (5) 2 and 3, the Financial Services Commission may request cooperation from the relevant administrative agencies and testing institutions. <Newly Inserted on Apr. 19, 2022> |
[Title Amended on Apr. 1, 2004]
| Article 2-2 (Qualifications for Taking Examination) |
| (1) | The kinds of subjects (hereafter in this Article referred to as "regular subjects") and the number of credits under Article 5 (4) of the Act shall be as follows: |
| 1. | Accounting and tax-related subjects: 12 credits; |
| 2. | Business administration: 9 credits; |
| (2) | In the case of completing the required course at schools under Article 5 (3) 1 of the Act, the standards for recognizing credits under paragraph (4) of said Article shall follow the school regulations and in other cases shall be governed by the Act on Recognition of Credits or the Act on the Acquisition of Academic Degrees through Self-Education: Provided, That the examination board as referred to in Article 6 may, subject to its deliberation, recognize the credits of a subject not set as a major of a degree course for the relevant regular subject if the contents of the subject are related to the field of the relevant regular subject, or may decide not to recognize the credits of a subject set as a major of a degree course for the relevant regular subject if it is evident that the contents of the subject are not related to the field of the relevant regular subject. <Amended on Mar. 10, 2006> |
| (3) | Qualifications for taking examination under Article 5 (4) of the Act shall be proved by a certificate of acquiring credits of the regular subjects issued by the head of a school or credit-recognition agency from which the credits are earned: Provided, That if a certificate of acquiring credits of the regular subjects cannot be submitted for any unavoidable grounds, the examination board as referred to in Article 6 may allow its substitution by the certificate of records of the regular subjects, subject to its deliberation. |
| (4) | Anyone who intends to apply for the examination shall submit the certificate as referred to in paragraph (3) along with a written application as prescribed by Ordinance of the Prime Minister. <Amended on Mar. 10, 2006; Feb. 29, 2008> |
| (5) | Persons entitled to take the secondary examination shall be limited to those who pass or are exempt from the preliminary examination. |
[This Article Newly Inserted on Apr. 1, 2004]
| Article 2-2 (Qualifications for Taking Examination) |
| (1) | The kinds of subjects (hereafter in this Article referred to as "regular subjects") and the number of credits under Article 5 (3) of the Act shall be as follows: <Amended on Apr. 19, 2022> |
| 1. | Accounting and tax-related subjects: 12 credits; |
| 2. | Business administration: 6 credits; |
| 4. | Information technology: 3 credits. |
| (2) | In cases of completing the required course at schools under Article 5 (3) 1 of the Act, the standards for recognizing credits under paragraph (4) of said Article shall follow the school regulations and in other cases shall be governed by the Act on Recognition of Credits, etc. or the Act on the Acquisition of Academic Degrees through Self-Education: Provided, That the examination board as referred to in Article 6 may, subject to its deliberation, recognize the credits of a subject not set as a major of a degree course for the relevant regular subject if the contents of the subject are related to the field of the relevant regular subject, or may decide not to recognize the credits of a subject set as a major of a degree course for the relevant regular subject if it is evident that the contents of the subject are not related to the field of the relevant regular subject. <Amended on Mar. 10, 2006> |
| (3) | Qualifications for taking examination under Article 5 (4) of the Act shall be proved by a certificate of acquiring credits of the regular subjects issued by the head of a school or credit-recognition agency from which the credits are earned: Provided, That if a certificate of acquiring credits of the regular subjects cannot be submitted for any unavoidable grounds, the examination board as referred to in Article 6 may allow its substitution by the certificate of records of the regular subjects, subject to its deliberation. |
| (4) | Anyone who intends to apply for the examination shall submit the certificate as referred to in paragraph (3) along with a written application as prescribed by Ordinance of the Prime Minister. <Amended on Mar. 10, 2006; Feb. 29, 2008> |
| (5) | Persons entitled to take the secondary examination shall be limited to those who pass or are exempt from the preliminary examination. |
[This Article Newly Inserted on Apr. 1, 2004]
[Enforcement Date: Jan. 1, 2025] Article 2-2
| Article 3 (Determination of Successful Candidates) |
| (1) | Candidates passing in the preliminary examination shall be determined in the order of scored marks out of the aggregate marks in all subjects in consideration of the results of examination and number of candidates from among those who score not less than 40 marks out of 100 in each subject and an average of not less than 60 marks in all subjects, excluding English. <Amended on Apr. 1, 2004> |
| (2) | Candidates passing in the secondary examination shall be those who score not less than 60 marks out of 100 in each and every subject: Provided, That where those who score not less than 60 marks out of 100 in each and every subject fall short of the estimated minimum number of candidates to be selected which is announced by the Financial Services Commission at the time of the announcement of the examination, deeming it necessary for supply of and demand for certified public accountants, the shortage may be filled in the order of scored marks out of the aggregate marks in all subjects, not exceeding the publicized estimated minimum number of candidates to be selected, from among those who score not less than 40 marks out of 100 in each and every subject. <Amended on Apr. 1, 1998; Apr. 1, 2004; Feb. 29, 2008> |
| (3) | Where a candidate who passed the preliminary examination has scored not less than 60 marks out of 100 in each subject of the secondary examination executed in the year of the preliminary examination, he shall be exempt from the examination of such subject in the next secondary examination only once. <Amended on Mar. 10, 2006> |
| (4) | In determining successful candidates under the proviso of paragraph (2), their aggregate marks shall be calculated by applying the marks scored in the immediately preceding secondary examination with respect to the subjects exempt from the secondary examination pursuant to paragraph (3) and if, in spite of the provisions of paragraph (3), they have again attempted the examination of the subjects subject to the exemption, by applying the marks obtained by it; and although the number of successful candidates is expected to exceed the estimated number of candidates to be selected, due to candidates who score the same marks, successful candidates shall include those who score the same marks. In this case, their marks shall be calculated down to the secondary decimal place. <Newly Inserted on Apr. 1, 2004> |
| Article 4 (Persons Who Are Exempt from Preliminary Examination) |
| (1) | "Organizations prescribed by Presidential Decree" in Article 6 (1) 3 of the Act means any of the following organizations: <Amended on Jun. 18, 2001; Apr. 1, 2004; Mar. 10, 2006; Jul. 29, 2008; Aug. 27, 2013; Mar. 29, 2016; May 31, 2016; Sep. 29, 2016; Nov. 24, 2020> |
| (2) | "Particular level prescribed by Presidential Decree" in Article 6 (1) 3 of the Act means any of the following levels: <Amended on Apr. 1, 1998; Jun. 18, 2001; Apr. 1, 2004; Mar. 10, 2006; Jul. 29, 2008; Nov. 15, 2010; Mar. 29, 2016; Sep. 29, 2016> |
| 2. | The head of section or equivalent thereto, in the case of a corporation listed on the securities market or the KOSDAQ market. |
| (3) | "Fields relating to accounting" in Article 6 (1) 3 of the Act means the field whose main work is to prepare financial statements. |
| (4) | "Person as prescribed by Presidential Decree" in Article 6 (1) 5 of the Act means a person, holding the office of deputy or higher at the Financial Supervisory Service established under the Act on the Establishment, etc. of Financial Services Commission (hereinafter referred to as the "Financial Supervisory Service"), with experiences in any of the following services for the period of not less than five years: <Amended on Apr. 1, 1998; Jun. 18, 2001; Mar. 10, 2006; Feb. 29, 2008; Jul. 29, 2008; Oct. 30, 2018> |
| (5) | In computing the period of services in such fields as specified in each subparagraph of Article 6 (1) of the Act, for a person who has experience in the field concerned at two institutions or more, the periods of services in each institution shall be aggregated. |
| Article 5 (Administration and Public Announcement of Examination) |
| (1) | The examination shall be held at least once every year. |
| (2) | The Financial Services Commission shall make a public announcement of the following details in daily newspapers, the Official Gazette, or websites, etc. not later than 90 days prior to the date of examination: Provided, That if the details of such public announcement are changed due to unavoidable causes, a public announcement with regard to such changes shall be made in daily newspapers, the Official Gazette, or websites, etc. not later than 10 days prior to the date of examination: <Amended on Apr. 1, 1998; Feb. 29, 2008; May 1, 2012; Nov. 24, 2020> |
| 1. | Qualifications for taking the examination; |
| 2. | Method, date and time of the examination; |
| 3. | Subjects of the examination; |
| 4. | Date and time and method of notification of successful candidates; |
| 5. | Places where application forms for examination are available and received, and time limit of application for examination; |
| 6. | Other necessary matters relating to administration of the examination. |
| Article 6 (Examination Board) |
| (1) | The examination board shall be established in the Financial Services Commission for the administration of the examination (hereafter referred to as "examination board"). <Amended on Apr. 1, 1998; Jun. 23, 2000; Feb. 29, 2008; Mar. 29, 2016> |
| (2) | The examination board shall be composed of one chairperson and examiners who are appointed or commissioned by the chairperson whenever administering an examination, from among those who have extensive knowledge of and experience in each subject of examination. <Amended on Jun. 23, 2000> |
| (3) | The Governor of the Financial Supervisory Service (hereinafter referred to as the "Governor of the Financial Supervisory Service") shall be the Chairperson. <Amended on Apr. 1, 1998> |
| (4) | The examination board shall deliberate on the following matters: <Amended on Apr. 1, 1998; Jun. 23, 2000; Feb. 29, 2008> |
| 1. | Matters relating to eligibility to attempt the examination; |
| 2. | Matters relating to setting questions for the examination; |
| 3. | Matters relating to method of the examination; |
| 4. | Matters relating to the determination of successful candidates; |
| 5. | Other matters referred to by the Chairperson of the Financial Services Commission or the Chairperson. |
| (5) | The Chairperson shall have general supervision and control of the affairs of the examination board, represent it, convene and preside over its meetings. <Amended on Jun. 23, 2000; Jan. 5, 2021> |
| (6) | Where the Chairperson is incapable of carrying out his functions due to unavoidable causes, an examiner designated by the Chairperson shall act for him or her: Provided, That if the Chairperson cannot designate his or her substitute because of the occurrences of unavoidable causes, an examiner designated by the Chairperson of the Financial Services Commission shall act for the Chairperson. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| (7) | Any decision at meetings of the examination board shall be made with the attendance of a majority of all members and with concurrent vote of a majority of those present. <Amended on Jun. 23, 2000> |
| (8) | Matters necessary for the operation of the examination board other than those provided for in paragraphs (1) through (7) shall be determined by the Chairperson through resolutions of the examination board. <Amended on Jun. 23, 2000> |
| Article 6-2 (Dismissal of Examination Board Members) |
The Chairperson of the Examination Board may dismiss any member appointed or commissioned under Article 6 (2) in any of the following cases: | 1. | If he or she becomes unable to perform his or her duties due to any mental or physical disability; |
| 2. | If any misdeed is found in connection with his or her duties; |
| 3. | If he or she is deemed not qualified as a member due to neglect of duties, injury to dignity, and other causes; |
| 4. | If he or she reveals his or her intention to discontinue his or her duties. |
[This Article Newly Inserted on Mar. 29, 2016]
| Article 7 (Examination Fees) |
| (1) | A person who intends to take the examination shall pay the Financial Supervisory Service the amount set out in Ordinance of the Prime Minister as fees in cash or by means of electronic currency, electronic settlement, etc. using information and communications networks: Provided, That the Financial Services Commission may allow him to pay such fees by means of electronic currency, electronic settlement, etc. using information and communications networks. <Amended on Apr. 1, 1998; Jun. 23, 2000; Mar. 17, 2004; Apr. 1, 2004; Feb. 29, 2008> |
| (2) | Fees referred to in paragraph (1) shall be refunded in any of the following cases; and such refund shall be made for an amount paid in excess or in error in the case of subparagraph 1 and for the full amount of the fee paid in the case of subparagraphs 2 through 4: <Amended on Mar. 22, 2011; Apr. 24, 2018; Apr. 19, 2022> |
| 1. | Where a fee is paid in excess or in error; |
| 2. | Where an examinee fails to apply to an examination due to a cause attributable to the examination agency; |
| 3. | Where an application is canceled not later than one day before the date on which the examination begins; |
| 4. | Where the examination board deems it necessary to refund a fee because a person is unable to take an examination or has to give up taking an examination due to any unavoidable cause, such as the risk of transmitting an infectious disease. |
| Article 8 (Public Announcement of Successful Candidates and Delivery of Passing Certificates) |
Where successful candidates are determined, the Financial Services Commission shall make a public announcement thereof in daily newspapers, the Official Gazette, or websites, etc. and shall deliver passing certificates to candidates who have passed the secondary examination. <Amended on Apr. 1, 1998; Feb. 29, 2008; Nov. 24, 2020>
| Article 9 Deleted. <Apr. 24, 2018> |
| Article 9-2 (Certified Public Accountant Qualification System Deliberation Committee) |
| (1) | The Certified Public Accountant Qualification System Deliberation Committee (hereafter referred to as the "Qualification System Deliberation Committee") under Article 6-2 of the Act shall be composed of 11 members including a Chairperson. <Amended on Mar. 29, 2016; Aug. 27, 2019> |
| (2) | The Vice Chairperson of the Financial Services Commission shall be the Chairperson of the Qualification System Deliberation Committee (hereinafter referred to in this Article as the "Chairperson"), and its members shall be commissioned by the Financial Services Commission from among the following persons: <Amended on Mar. 10, 2006; Jun. 12, 2006; Feb. 29, 2008; Mar. 29, 2016; Oct. 30, 2018; Aug. 27, 2019> |
| 1. | Two persons from among the public officials of Grade III or members in general service of the Senior Executive Service of the Financial Services Commission; |
| 3. | One person recommended by the President of the Korean Institute of Certified Public Accountants under Article 41 (1) of the Act (hereinafter referred to as the "Institute of Certified Public Accountants") from among persons who have engaged in accounting-related work for at least 10 years after obtaining qualification as a certified public accountant; |
| 7. | Three persons with extensive knowledge of and experience in accounting or audit, etc. who fall under any of the following: |
| (a) | A person who has engaged in accounting-related work for at least 10 years after obtaining qualification as a certified public accountant; |
| (b) | Professors in the accounting field. |
| (3) | The Chairperson shall represent the Qualification System Deliberation Committee, have general supervision and control of its affairs, and convene and preside over its meetings. <Amended on Mar. 29, 2016; Jan. 5, 2021> |
| (4) | If the Chairperson is unable to perform his or her duties due to any unavoidable cause, a member designated by the Chairperson shall act on behalf of the Chairperson. |
| (5) | A majority of the members of the Qualification System Deliberation Committee shall constitute a quorum, and any decision thereof shall require the concurring vote of at least a majority of those present. <Amended on Mar. 29, 2016> |
| (6) | Each member referred to in paragraph (2) 3 through 7 shall hold office for a term of three years, and may be appointed consecutively for further terms. <Amended on Aug. 27, 2019> |
| (7) | Other than the matters provided in paragraphs (1) through (6), matters necessary for the operation, etc. of the Qualification System Deliberation Committee shall be determined by the Chairperson subject to a resolution of the Qualification System Deliberation Committee. <Amended on Mar. 29, 2016> |
[This Article Newly Inserted on Jun. 23, 2000]
| Article 9-3 (Dismissal of Members of Qualification System Deliberation Committee) |
The Financial Service Commission can dismiss any member commissioned under Article 9-2 (2) if he or she falls under any of the following: | 1. | If he or she becomes unable to perform his or her duties due to any mental or physical disability; |
| 2. | If any misdeed is found in connection with his or her duties; |
| 3. | If he or she is deemed not qualified as a member due to neglect of duties, injury to dignity, and other causes; |
| 4. | If he or she reveals his or her intention to discontinue his or her duties. |
[This Article Newly Inserted on Mar. 29, 2016]
CHAPTER III TRAINING AND REGISTRATION
| Article 10 (Registration) |
| (1) | A person who wishes to get registered as a certified public accountant in accordance with Article 7 (1) of the Act shall submit to the Financial Services Commission a registration form accompanied with a copy of a certificate under Article 8: <Amended on Jun. 27, 2012> |
| (2) | Where the Financial Services Commission receives an application for registration prescribed in paragraph (1), it shall have the applicant registered on certified public accountants register without delay and deliver the registration certificate to the applicant. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| (3) | A person who has been registered as a certified public accountant, where there are changes in registered matters, shall file a report on such changes with the Financial Services Commission. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| Article 11 (Renewal of Registration) |
| (1) | Pursuant to Article 7 (4) of the Act, a person who has been registered as a certified public accountant shall have his registration renewed every five years. <Amended on Mar. 10, 2006> |
| (2) | A person who wishes to get his registration renewed under paragraph (1), shall submit an application form for the renewal of registration of a certified public accountant to the Financial Services Commission not later than 30 days prior to the date on which five years have elapsed from the date of registration. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| (3) | The Financial Services Commission shall notify a person who has registered as a certified public accountant, in advance, of the fact that when he or she intends to renew registration, he or she shall apply for renewal thereof up to 30 days before the registration's effective period expires and of the renewal procedure under paragraph (2) up to 60 days before the registration's effective period expires, by text, e-mail, fax, phone, etc. <Newly Inserted on Jun. 27, 2012> |
| Article 12 (In-Service Training) |
| (1) | Pursuant to Article 7 (1) of the Act, in-service training shall be administered by any of the following institutions for one year or more: <Amended on Apr. 1, 1998; Jun. 23, 2000; Jun. 18, 2001; Apr. 1, 2004; Mar. 10, 2006; Feb. 29, 2008; Jul. 9, 2008; Dec. 31, 2009; Apr. 24, 2018; Oct. 30, 2018> |
| 1. | An accounting corporation; |
| 2. | The Institute of Certified Public Accountants; |
| 3. | The Financial Supervisory Service (limited to a division or section taking charge of services relating to external auditing under the Act on External Audit of Stock Companies, or general functions of finance management of stock-listed corporations); |
| 4. | Other institutions determined by the Financial Services Commission, through recommendation by the Institute of Certified Public Accountants. |
| (2) | Deleted. <Apr. 1, 2004> |
| (3) | In computing the period of in-service training under paragraph (1) which a person who has completed at two institutions or more (including the course of training under paragraph (5)), the periods of in-service training at each such institution shall be aggregated. <Amended on Apr. 1, 2004> |
| (4) | The Institute of Certified Public Accountants shall have responsibility to administer the matters relating to in-service training and determine the details of, methods and procedures for in-service training, the aggregate computation of in-service training periods, and other necessary matters with approval from the Financial Services Commission. <Amended on Apr. 1, 2004; Feb. 29, 2008> |
| (5) | The Institute of Certified Public Accountants may establish a separate course of in-service training for the persons who fail to receive in-service training at the establishments as referred to in paragraph (1), and in such cases, the Financial Services Commission may help cover expenses, etc. required for operating such course of in-service training, in accordance with Article 7 (2) of the Act. <Amended on Apr. 1, 2004; Feb. 29, 2008> |
| Article 13 (Coverage of Liability for Compensation) |
| (1) | A certified public accountant (excluding certified public accountants belonging to accounting corporations; hereafter the same shall apply in this Article) who has registered pursuant to Article 7 of the Act shall, where he has made a business registration under Article 8 of the Value-Added Tax Act in order to perform the duties under Article 2 of the Act, take measures to cover liability for compensation exceeding 50 million won for each certified public accountant in any of the following manners within 15 days from the date of business registration and file a report on such fact with the Institute of Certified Public Accountants, along with documentary evidence: <Amended on Jun. 18, 2001; Mar. 10, 2006; Jun. 28, 2013> |
| 1. | Purchase of insurance; |
| 2. | Joining in the mutual benefits projects operated by the Institute of Certified Public Accountants so as to cover liability for compensation under Article 19 of the Act. |
| (2) | A certified public accountant who has purchased insurance in accordance with paragraph (1) shall take measures to cover liability for compensation specified in any subparagraphs of paragraph (1) by the date of payment in case where the compensation concerned has been paid for reasons of occurrences of grounds for compensation, or by the expiry of insurance period in case where the period of insurance has elapsed, and shall file reports with the Institute of Certified Public Accountants within 15 days from the date on which such measures are taken. |
| (3) | Where the Institute of Certified Public Accountants disburses the compensation owed by a certified public account for his liability for compensation from funds established by mutual benefits projects, the certified public accountant who has subscribed to mutual benefits projects under paragraph (1) shall pay the sum of money accountable for the disbursement for compensation or take measures provided for in paragraph (1) 1 to cover liability for compensation by the date on which the Institute of Certified Public Accountants disburses the compensation and file reports with the Institute of Certified Public Accountants within 15 days from the date on which such measures are taken. |
| (4) | Requirements for, procedures for, repayment of payment out of funds established by mutual benefits projects, or matters necessary for mutual benefits projects other than those provided for in paragraphs (1) through (3) shall be determined by the Institute of Certified Public Accountants. |
| Article 14 (Restrictions on Functions) |
| (1) | "Person as prescribed by Presidential Decree" in Article 21 (1) 3 of the Act means a person who has the following relationship with either a certified public accountant or his spouse: <Amended on Jun. 18, 2001; Apr. 1, 2004; Mar. 10, 2006; Feb. 29, 2008; Aug. 27, 2019; Apr. 19, 2022> |
| 1. | A person whose stocks or equity investments are owned by a certified public accountant or his or her spouse: Provided, That excluded herefrom shall be cases where stocks or equity investments are disposed of without delay after an involuntary acquisition of such stocks or equity investment due to merger, inheritance, lawsuit, etc. during the period of audit (referring to the period subject to a contract for auditing or attesting financial statements (including consolidated financial statements under the Act on External Audit of Stock Companies; hereinafter the same shall apply) under the provisions, with the exception of the subparagraphs, of Article 21 (2) of the Act; hereinafter the same shall apply); |
| 2. | A person who has a relationship of claims or obligations with a certified public accountant or his or her spouse: Provided, That the following claims or obligations shall be excluded: |
| (a) | The claims directly connected with the service of the certified public accountant pursuant to the provisions of Article 2 of the Act; |
| (b) | The following claims or obligations, out of those arising from a contract entered into on a financial product defined in the Act on the Protection of Financial Consumers under the terms and conditions defined in the Act on the Regulations of Terms and Conditions (hereinafter referred to as "terms and conditions"): Provided, That excluded herefrom shall be claims or obligations arising from a contract entered into on terms and conditions more favorable than general terms or conditions without good cause or from a contract entered into with a financial institution against which timely corrective measures have been taken or should be taken under Article 10 (2) of the Act on the Structural Improvement of the Financial Industry: |
| (i) | Claims or obligations arising from a contract whose maturity is extended during the period of audit, out of the following claims or obligations: |
| a. | Obligations established after offering a security in accordance with general procedures such as housing mortgage loans and deposit secured loans; |
| (iv) | Claims or obligations, other than those specified in subitems (i) through (iii), which have arisen before a contract for auditing or attesting financial statements is entered into; |
| (c) | Claims, such as membership and right to use facilities, which have been purchased under standardized terms and conditions or at an arm's length price before a contract for auditing or attesting financial statements is entered into; |
| (e) | Deleted; <Apr. 19, 2022> |
| (f) | Deleted; <Apr. 19, 2022> |
| (g) | The claims or obligation occurred involuntarily from merger, inheritance or lawsuit, etc. during the period of audit; |
| (h) | Claims or obligations of less than 30 million won, other than claims or obligations specified in items (a) through (g), which have arisen from a contract concluded in accordance with the terms and conditions for commercial transactions; |
| 3. | A person who provides a certified public accountant's office or commercial vehicles to the relevant certified public accountant, free of charge or at a price significantly lower than the normal transaction price; |
| 4. | A person who continues to remunerate a certified public accountant or to provide other special economic benefits with him or her for his or her services other than for what are considered as normal services by certified public accountants; |
| 5. | A person who has provided or committed to provide the stocks of his own firm, bonds with warrant, convertible bonds, or stock options to a certified public accountant as a price for rendering the services under Article 2 of the Act. |
| (2) | Where a council of creditors has been organized for the purpose of collecting bad credits under the provisions, with the exception of the items, of Article 21 (2) 4 of the Act, said business provided for in Article 21 (2) 4 (hereinafter referred to as “business of inspection, etc.”) conducted by the members of the council of creditors (hereinafter referred to as the "members") for the purpose of joint sale of assets, capital, and other rights (hereinafter referred to as “assets, etc.”) which had been acquired through debt-for-equity swap or offering by the largest stockholder as security may be conducted by a certified public accountant. <Amended on Sep. 29, 2016> |
| (3) | Notwithstanding paragraph (2), any of the following certified public accountants shall not perform business of inspection, etc. prescribed in paragraph (2): <Newly Inserted on Mar. 10, 2006; Sep. 29, 2016> |
| 1. | The certified public accountant rendering the service of auditing or attesting the members who have charge of the service of joint sale of assets, etc.; |
| 2. | The certified public accountant rendering the service of auditing or attesting the members who have 50/100 or more of the assets, etc. that are intended for joint sale; |
| 3. | The certified public accountant who renders the service of auditing or attesting the members whose sum total of the assets, etc. in possession are 50/100 or more of the assets, etc. intended for joint sale. |
| (4) | "Procedures prescribed by Presidential Decree including internal control procedures, etc." in Article 21 (3) of the Act means procedures that a certified public accountant consults with an auditor (including the audit committee under Article 415-2 of the Commercial Act; hereafter in this Article referred to as the "auditor, etc.") of a company about its business prior to the conduct of any other business than those as referred to in any subparagraph of Article 21 (2) of the Act and seeks a consent of the auditor, etc. to such business as having the potential for causing the conflict of interest. <Newly Inserted on Apr. 1, 2004; Mar. 10, 2006; Sep. 29, 2016> |
| (5) | With respect to the business dealt with pursuant to the procedures as referred to in paragraph (4), the certified public accountant concerned shall put on record the matters about which he has consulted with the auditor, etc. and to which he has obtained a consent from the auditor, etc., and keep it for eight years. <Newly Inserted on Apr. 1, 2004; Mar. 10, 2006; Sep. 29, 2016> |
CHAPTER IV ACCOUNTING CORPORATION
| Article 15 (Registration of Accounting Corporation) |
| (1) | A person who wishes to register an accounting corporation pursuant to Article 24 (1) of the Act, shall submit an application for the registration of an accounting corporation to the Financial Services Commission along with the following documents: <Amended on Apr. 1, 1998; Jun. 18, 2001; Feb. 29, 2008> |
| 1. | Articles of incorporation; |
| 2. | Resume of the representative director; |
| 3. | Documents indicating registration number and date of directors and member accountants; |
| 4. | Documents certifying payment of capital (a certificate of payment of capital issued by banks or other financial institutions in the case of monetary contribution; and a certificate of performance and an appraisal sheet issued by authorized appraisal institution in the case of proprietary contribution); |
| 5. | Business plans and budgetary document; |
| 6. | Documents indicating places in which main or branch offices are to be located. |
| (2) | The Financial Services Commission shall issue a certificate of registration of an accounting corporation to a person who has made a registration therefor under paragraph (1). <Amended on Apr. 1, 1998; Jun. 18, 2001; Feb. 29, 2008> |
[Title Amended on Jun. 18, 2001]
| Article 15-2 (Restriction on Functions of Accounting Corporation) |
| (1) | "Person prescribed by Presidential Decree" in Article 33 (1) 3 of the Act means any of the following persons: <Amended on Mar. 10, 2006> |
| 1. | A person who employs the staff member of an accounting corporation in charge of the business of auditing or attesting his or her financial statements, etc. or his or her spouse within the past one year as his officer or other equivalent thereto (including a staff member in charge of his financial affairs); |
| 2. | A person who has claims or obligations worth at least 100 million won against an accounting corporation. In this case, the proviso of Article 14 (1) 2 shall apply mutatis mutandis to the accounting corporation; |
| 3. | A person who has the relation as referred to in Article 14 (1) 3 through 5 with an accounting corporation. |
| (2) | The provisions of Article 14 (2) through (5) shall apply mutatis mutandis to accounting corporations. In such cases, a "certified public accountant" shall be deemed an "accounting corporation." <Amended on Mar. 10, 2006> |
[This Article Newly Inserted on Apr. 1, 2004]
| Article 16 Deleted. <Jun. 18, 2001> |
| Article 17 Deleted. <Jun. 18, 2001> |
| Article 18 Deleted. <Jun. 18, 2001> |
| Article 19 (Maintenance of Capital) |
"Amount determined ... by Presidential Decree" in Article 27 (2) of the Act means 500 million won. <Amended on Jun. 18, 2001>
| Article 20 (Accumulation of Compensation Reserve) |
| (1) | Pursuant to Article 28 (1) of the Act, an accounting corporation shall reserve the amount accountable for two percent of the turnover of the present business year in each business year for compensation reserve. |
| (2) | Under paragraph (1), an accounting corporation shall reserve the compensation reserve until it reaches the amount accountable for an average of 10 percent of the turnover of the two preceding business years and the present business year. |
| (3) | Where an accounting corporation exercises indemnity against liability of a director or a member accountant for payment out of compensation reserve, it shall add the indemnity amount to the compensation reserve. |
| Article 21 (Limited Contribution in Other Corporations) |
The aggregate amount of contributions into other corporations and security for liability of other persons by an accounting corporation provided for in Article 29 (1) of the Act shall not exceed the amount accountable for 25 percent (10 percent of equity capital in the case of the amount of securing liability of other persons) of equity capital provided for in Article 29 (2) of the Act (referred to as "equity capital"; hereafter the same shall apply in this Article): Provided, That where the amount computed by the reduction of the compensation reserve out of its own equity exceeds 500 million won, the amount not exceeding 50 percent thereof may be contributed into other corporations. <Amended on Jun. 18, 2001>
| Article 22 (Branch Office) |
An accounting corporation which establishes branch offices pursuant to Article 32 (1) of the Act shall have three or more full-time certified public accountants for each branch office. [This Article Wholly Amended on Jun. 23, 2000]
| Article 23 (Management or Operation of Deposits) |
| (1) | Where an accounting corporation, pursuant to Article 37 (3) of the Act, deposits a sum of money equivalent to the compensation reserve (hereinafter referred to as "deposits") with the Institute of Certified Public Accountants, deposits shall be placed with the designation of a director to whom deposits shall be refunded (hereinafter referred to as "depositor"), and with the determination of the amount of deposits: Provided, That if an accounting corporation which remains or is created after an accounting corporation is dissolved because of a merger succeeds to the compensation reserve of the dissolved accounting corporation, deposits shall be deemed to have been placed in accordance with Article 37(3) of the Act. |
| (2) | In the case of deposits under the main clause of paragraph (1), a depositor shall be a director at the time of dissolution, and the sum of money shall be computed by the rate of contribution at the time of dissolution. |
| (3) | The Institute of Certified Public Accountants shall treat the accounts of deposits separately from other assets and maintain separate accounts for each depositor. <Amended on Mar. 29, 2016> |
| (4) | Where a person suffering damage applies for payment of deposits to the Institute of Certified Public Accountants for reasons of final judgment of compensation or judicial settlement (including the cases in which disputing parties accept conciliatory proposals in accordance with Article 29 (3)), together with documentary evidences of such reasons, payments not exceeding deposits by each depositor shall be made within a month from the date of application. |
| (5) | The Institute of Certified Public Accountants shall save deposits under paragraph (1) into banks or other financial institutions, or manage or operate them by purchasing government bonds or other corporate bonds by which the principal is promised to be guaranteed. |
| (6) | The Institute of Certified Public Accountants shall refund the remaining sum of money out of deposits to depositors three years after the date deposits are made (hereinafter referred to as the "refund date"): Provided, That where a judicial action is pending with respect to liability for compensation under Article 28 of the Act as of the refund date, the remaining sum shall be refunded after payment out of deposits is made pursuant to a final judgment in such action. <Amended on Apr. 1, 1998> |
| (7) | Matters necessary for management of deposits other than those provided for in paragraphs (1) through (6) shall be determined by the Institute of Certified Public Accountants. |
| Article 23-2 (Registration of Foreign Certified Public Accountants) |
| (1) | Any person who intends to make a registration of foreign certified public accountants pursuant to Article 40-4 (1) of the Act shall submit an application form for registration of foreign certified public accountants to the Financial Services Commission, attaching the following documents thereto: |
| 1. | A document evidencing that said person is a certified public accountant in the original qualification nation; |
| 2. | A document evidencing that said person does not fall under grounds for disqualification referred to in Article 4 of the Act; |
| 3. | A document confirming a history of actions taken by the supervisory agency of the original qualification nation against said person in connection with his or her status, such as disciplinary actions; |
| 5. | Three copies of passport-sized photographs. |
| (2) | Any person who has made a registration of foreign certified public accountants shall, when there is any change in registered matters, report such fact to the Financial Services Commission without delay, attaching thereto documents evidencing such change. |
[This Article Newly Inserted on Jun. 30, 2011]
| Article 23-3 (Renewal of Registration of Foreign Certified Public Accountants) |
| (1) | Any person who intends to have his or her registration of foreign certified public accountants renewed pursuant to Article 40-4 (5) of the Act shall submit an application form for the renewal of registration of foreign certified public accountants to the Financial Services Commission, attaching documents referred to in each subparagraph of Article 23-2 (1) thereto. <Amended on Jun. 27, 2012> |
| (2) | The Financial Services Commission shall notify a person who has registered as a foreign certified public accountant, in advance, of the fact that when he or she intends to renew registration, he or she shall apply for renewal thereof up to a month before the registration's effective period expires and of the renewal procedure under paragraph (1) up to 60 days before the registration's effective period expires by text, e-mail, fax, phone, etc. <Newly Inserted on Jun. 27, 2012> |
[This Article Newly Inserted on Jun. 30, 2011]
| Article 23-4 (Registration of Foreign Accounting Corporations) |
Any person who intends to make a registration of foreign accounting corporations pursuant to Article 40-7 (1) of the Act shall submit an application form for registration of foreign accounting corporations to the Financial Services Commission, attaching the following documents thereto: | 1. | A document evidencing that the relevant foreign accounting corporation is an accounting corporation in the original qualification nation; |
| 2. | Articles of incorporation; |
| 3. | A resume of the representative of the foreign accounting office expected to be established in Korea; |
| 4. | A document stating the registration numbers and dates of registration of affiliated foreign certified public accountants; |
| 5. | Business plans and budgetary documents; |
| 6. | A document confirming a history of actions taken by the supervisory agency of the original qualification nation against the relevant accounting corporation, such as the suspension of practice; |
| 7. | A list of employees of the foreign accounting office expected to be established in Korea; |
| 8. | A document stating the expected location of the foreign accounting office. |
[This Article Newly Inserted on Jun. 30, 2011]
CHAPTER V KOREAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
By-laws of the Institute of Certified Public Accountants shall contain each of the following subparagraphs:
| 1. | Name and place of headquarters; |
| 2. | Matters relating to establishment of branches and sub-branches; |
| 3. | Matters relating to appointment of executive officers and their functions; |
| 4. | Matters relating to admission and withdrawal of members; |
| 5. | Matters relating to composition, functions and duties of the general meeting, board of directors, ethics committee, or other organizational bodies and sessions or meetings thereof; |
| 6. | Matters relating to supervision of services by members; |
| 7. | Matters relating to discipline; |
| 8. | Matters relating to professional ethics, rights and obligations of members; |
| 9. | Matters relating to membership dues; |
| 10. | Matters relating to accounting and assets; |
| 11. | Matters relating to training of members; |
| 12. | Matters relating to mutual benefits projects to cover liability for compensation of members; |
| 13. | Matters relating to organization of the Institute of Certified Public Accountants. |
| Article 25 (Executive Officers and Directors) |
| (1) | There shall be executive officers and directors at the Institute of Certified Public Accountants as follows: <Amended on Apr. 24, 2018> |
| (2) | Matters concerning the organization, number, term of office, etc. of executive officers and directors provided for in paragraph (1) shall be prescribed by by-laws of the Institute. <Amended on Apr. 24, 2018> |
| Article 26 (Notification of Holding of General Meetings) |
| (1) | Where the Institute of Certified Public Accountants wishes to hold general meetings, it shall notify the Financial Services Commission of the date and time, place and agenda of general meetings not later than a week prior to the date on which the general meetings are to be held. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| (2) | Where the Institute of Certified Public Accountants holds general meetings in accordance with paragraph (1), it shall notify forthwith the Financial Services Commission of results of such general meetings. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| Article 27 (Composition of Disputes Conciliation Commission) |
| (1) | The Disputes Conciliation Commission referred to in Article 45 (2) of the Act (hereafter referred to as the "Dispute Conciliation Commission" in this Chapter) shall be composed of seven members including a Chairperson. <Amended on Jun. 23, 2000> |
| (2) | A full-time Vice President of the Institute of Certified Public Accountants who is designated by the President of such Institute shall serve as the chairperson, and the members shall be composed of the following persons who are commissioned by the President of the Institute: <Amended on Apr. 1, 1998; Jun. 18, 2001; Mar. 10, 2006; Mar. 27, 2007; Mar. 29, 2016> |
| 1. | A person who is recommended by the Governor of the Financial Supervisory Service from among its assistant vice governors; |
| 5. | A university professor; |
| 6. | A certified public accountant of not less than 10 years' practice experience. |
| (3) | The term of office of the Chairperson and members shall be two years and renewable. |
| (4) | Any decision at meetings of the Dispute Conciliation Commission shall be made with the attendance of four or more members and with concurrent vote of a majority of those present. <Amended on Jun. 23, 2000> |
| (5) | Matters necessary for the operation of the Dispute Conciliation Commission other than those provided for in paragraphs (1) through (4) shall be determined by the Dispute Conciliation Commission. <Amended on Jun. 23, 2000> |
| Article 28 (Request for Conciliation) |
| (1) | Pursuant to Article 45 (1) of the Act, disputing parties may file a request to the President of the Institute of Certified Public Accountants for conciliation. |
| (2) | Pursuant to paragraph (1) above, a person wishing to make a request for conciliation shall submit a request, in writing, for conciliation to the Institute of Certified Public Accountants, together with each document of the following subparagraphs: |
| 1. | Documents evidencing grounds of request for conciliation and facts thereof; |
| 2. | Power of attorney in the case of request by an agent; |
| 3. | Other evidential documents and materials necessary for conciliation. |
| (3) | Forms of request for conciliation under paragraph (2) above shall be determined by the Institute of Certified Public Accountants. |
| Article 29 (Dispute Conciliation Procedures) |
| (1) | In the case of a request for conciliation, under Article 28 (1) above, the President of the Institute of Certified Public Accountants may notify the disputing parties of content of the request and encourage them to reach an agreement, and shall refer it, without delay, to the Dispute Conciliation Commission unless an agreement is made within 30 days from the date the request is made. <Amended on Jun. 23, 2000> |
| (2) | Where one of the disputing parties commences an action before the court during conciliation proceedings, the President of the Institute of Certified Public Accountants shall suspend the proceedings despite paragraph (1) and notify the parties thereof. |
| (3) | In the event that the Dispute Conciliation Commission prepares conciliatory proposals, the President of the Institute of Certified Public Accountants may present such conciliatory proposals to the requesting persons and the party concerned, and recommend them to accept such proposals. <Amended on Jun. 23, 2000> |
| (4) | The Dispute Conciliation Commission, where it deemed necessary to hear opinions of the disputing parties or other interested persons, may request them to appear before the Commission and present their views. <Amended on Jun. 23, 2000> |
| (5) | The disputing parties or other interested persons may appear before the Dispute Conciliation Commission and present their views. <Amended on Jun. 23, 2000> |
| (6) | Pursuant to paragraphs (4) and (5), a person wishing to present his views may appoint his agent to appear and present his views. |
| (7) | Matters necessary for dispute settlement procedures other than those specified in paragraphs (1) through (6) shall be determined by the Dispute Conciliation Commission. <Amended on Jun. 23, 2000> |
| Article 30 (Disciplinary Committee) |
A Certified Public Accountants Disciplinary Committee referred to in Article 48 of the Act (hereinafter referred to as the "Disciplinary Committee") shall be established within the Financial Services Commission. <Amended on Apr. 1, 1998; Jun. 23, 2000; Feb. 29, 2008>
| Article 31 (Composition of Disciplinary Committee) |
| (1) | The Disciplinary Committee shall be composed of nine members including a chairperson. <Amended on Jun. 23, 2000; Apr. 19, 2022> |
| (2) | The chairperson shall be designated by the Chairperson of the Financial Services Commission, from among public officials belonging to the Financial Services Commission, and the members shall be composed of the following persons: <Amended on Apr. 1, 1998; Jun. 23, 2000; Mar. 10, 2006; Feb. 29, 2008; Apr. 19, 2022> |
| 1. | Each person designated, upon the request of the Chairperson of the Financial Services Commission, by the Chairperson of the Board of Audit and Inspection and the Minister of Legislation, from among public officials of Grade III or higher belonging to such Board and such Ministry; |
| 2. | One person designated by the Chairperson of the Financial Services Commission from among public officials of Grade III or higher belonging to the Financial Services Commission; |
| 3. | One person designated by the President of the Institute of Certified Public Accountants, from among executive officers of such Institute; |
| 5. | One person designated, upon the request of the Chairperson of the Financial Services Commission, by the Minister of Economy and Finance, from among public officials of Grade III or higher belonging to such Ministry. |
| 6. | Two persons commissioned by the Chairperson of the Financial Services Commission from among the following persons who have extensive knowledge of and experience in accounting or audit, etc.: |
| (a) | A person who has engaged in accounting-related work for at least 10 years after obtaining qualification as a certified public accountant; |
| (b) | A person who majored in a field related to accounting at a school under subparagraph 1, 2, 4 or 5 of Article 2 of the Higher Education Act (hereafter in this item referred to as "school") and graduated therefrom or who is deemed to have an academic background equivalent thereto, currently holding an assistant professorship or higher position or other position equivalent thereto in a school or a research institute officially recognized. |
| (3) | Each member under paragraph (2) 6 shall hold office for a term of two years and may be appointed consecutively for only one further term. <Newly Inserted on Apr. 19, 2022> |
| Article 31-2 (Withdrawal of Designation and Removal of Members) |
| (1) | A person who has designated a member pursuant to Article 31 (2) 1 through 5 may withdraw such designation in any of the following cases: |
| 1. | Where a member falls under any of the subparagraphs of Article 6-2; |
| 2. | Where a member fails to recuse himself or herself despite falling under Article 36 (1) or (2). |
| (2) | Where a member under Article 31 (2) 6 of the Act falls under the subparagraphs of paragraph (1), the Chairperson of the Financial Services Commission may remove the member from his or her office. |
[This Article Newly Inserted on Apr. 19, 2022]
| (1) | The Chairperson shall have general supervision and control of the affairs of the Disciplinary Committee, represent it, and convene and preside over its meetings. <Amended on Jun. 23, 2000; Jan. 5, 2021> |
| (2) | Where the Chairperson is unable to perform any of his or her duties due to an unavoidable cause, a member designated by the Chairperson shall act for him or her: Provided, That where the Chairperson is unable to designate a member to act for him or her for any unavoidable cause, the member designated by the Financial Services Commission shall act for the Chairperson. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| Article 33 (Request for Disciplinary Action) |
| (1) | Where the Financial Services Commission deems there exists a reason falling under any subparagraph of Article 48 (1) of the Act, it shall make a request for disciplinary action, in writing, to the Disciplinary Committee, along with documentary evidence. <Amended on Apr. 1, 1998; Jun. 23, 2000; Feb. 29, 2008> |
| (2) | The Disciplinary Committee in receipt of a request pursuant to paragraph (1) shall notify the person to whom a relevant allegation is made. <Amended on Jun. 23, 2000> |
| Article 34 (Time Limit for Disciplinary Action) |
The Disciplinary Committee in receipt of a request for disciplinary action pursuant to paragraph (1) shall resolve disciplinary action within 30 days from the date the request is made: Provided, That if any unavoidable cause exists, the period may be extended for up to 30 days by resolution of the Disciplinary Committee. <Amended on Jun. 23, 2000>
| Article 35 (Decisions of Disciplinary Committee) |
A majority of the members of the Disciplinary Committee shall constitute a quorum and any resolution thereof shall require the concurring vote of a majority of those present. <Amended on Jun. 23, 2000; Apr. 19, 2022>
| Article 36 (Exclusion of, Challenge to, or Recusal of, Members) |
| (1) | A member of the Disciplinary Committee who is a relative of a person against whom an allegation is made, or who is involved in the grounds for disciplinary case shall not take part in the deliberation on the disciplinary case. <Amended on Jun. 23, 2000> |
| (2) | Where there exists a reasonable ground to believe that any of the members of the Disciplinary Committee would likely participate in passing an unfair resolution, a person against whom an allegation is made may make a request to challenge such member, in writing, which describing the reasons for such request. <Amended on Jun. 23, 2000> |
| (3) | Where there is a request for challenge to a member of the Disciplinary Committee pursuant to paragraph (2), the Disciplinary Committee shall make a resolution on such challenge. In such cases, the challenged member may not take part in making the resolution. <Amended on Jun. 23, 2000> |
| (4) | Where a member falls under a reason under paragraph (1) or (2), he or she shall recuse himself or herself from deliberation and decision-making on the relevant disciplinary case. <Newly Inserted on Apr. 19, 2022> |
[Title Amended on Apr. 19, 2022]
| Article 37 (Notification of Disciplinary Action) |
| (1) | In passing a resolution for disciplinary action against a person to whom an allegation is made, the Disciplinary Committee shall notify the Financial Services Commission of such resolution, in writing, which describes the reasons for the disciplinary action, without delay. <Amended on Apr. 1, 1998; Jun. 23, 2000; Jun. 18, 2001; Feb. 29, 2008> |
| (2) | Deleted. <Apr. 24, 2018> |
[Title Amended on Jun. 18, 2001]
| Article 37-2 (Scope of Measures or Disciplinary Actions to Go Public and Methods of Going Public) |
| (1) | Within two weeks from the date on which the Institute is notified of the following information (hereinafter referred to as "information on disciplinary action, etc.") by the Financial Services Commission pursuant to Article 48-2 (1) of the Act, the Institute shall post the relevant information on disciplinary action, etc. on the Institute’s website: |
| 1. | The following matters: |
| (a) | Names and addresses of accounting corporations subject to measures prescribed in Article 39 (1) of the Act (hereafter referred to as "measure" in this Article); |
| (b) | Names and registration numbers of certified public accountants subject to disciplinary action prescribed in Article 48 (1) of the Act (hereafter referred to as "disciplinary action" in this Article), and names and addresses of the offices to which such certified public accountants belong (where the relevant certified public account belongs to an accounting corporation or is a member of an audit team, referring to such accounting corporation or audit team); |
| 2. | Details and grounds of measures or disciplinary action. In such cases, a summary of facts by which specific causes of the measures or disciplinary action can be identified, such as the type of offense shall be included; |
| 3. | Date on which measures or disciplinary action takes effect: Provided, That where the type of measures or disciplinary action is the suspension of business or suspension of duties, it means the date on which the suspension of business or suspension of duties commences and the period of suspension. |
| (2) | The scope of information on disciplinary action, etc. to be disclosed and the period of disclosure by posting on the website pursuant to paragraph (1) shall be as categorized as below. In such cases, the periods shall be calculated from the date on which the information on disciplinary action, etc. is posted for the first time: |
| 1. | Measures against accounting corporations in the following categories: |
| (a) | Cancellation of registration: Three years; |
| (b) | Suspension of whole or some of business for a period not longer than one year: The period of the relevant suspension of business: Provided, That where the period of the relevant suspension of business is less than three months, it means three months; |
| 2. | Disciplinary action against certified public accountants in the following categories: |
| (a) | Cancellation of registration: Three years; |
| (b) | Suspension of duties for not more than two years: The period of the relevant suspension of duties: Provided, That where the period of the relevant suspension of duties is less than three months, it means three months. |
[This Article Newly Inserted on Apr. 24, 2018]
| Article 37-3 (Methods and Procedures of Perusal and Reproduction) |
| (1) | Where a person who intends to appoint an auditor provided for in subparagraph 7 of Article 2 of the Act on External Audit of Stock Companies (hereafter referred to as "auditor" in this Article) intends to request the perusal and reproduction of information on disciplinary action, etc. pursuant to Article 48-2 (3) of the Act, he or she shall fill out a written request which includes the name and address of the relevant accounting corporation (in the case of certified public accountants, referring to the names and registration numbers) and the purpose of requesting the perusal and reproduction of information on disciplinary action, etc. and submit it to the Institute along with the following documents: <Amended on Oct. 30, 2018> |
| 1. | Documents that can verify of the identity of the requesting person, such as a certificate of registered matters of corporation or a copy of the identification card; |
| 2. | A letter of confirmation stating the intention to appoint a relevant accounting corporation or certified public accountant as an auditor and the reason why information on disciplinary action, etc. is needed; |
| 3. | Where an attorney files a request, documents that can verify attorney relations, such as power of attorney. |
| (2) | Every request for perusal and reproduction provided for in paragraph (1) may be filed by means of direct submission, mail, fax, e-mail, etc. |
| (3) | Where the Institute receives a request provided for in paragraph (1), it shall provide information on disciplinary action, etc. to the requesting person within one week from the date on which the request is filed, and inform the relevant accounting corporation or certified public accountant of the fact that it has provided information on disciplinary action, etc. without delay thereafter. |
| (4) | Every requesting person may choose the method of providing information on disciplinary action, etc. provided for in paragraph (3) among direct receipt, mail, facsimile, e-mail, etc. |
| (5) | Notwithstanding paragraph (3), where a request provided for in paragraph (1) falls into any of the following cases, the Institute may not provide information on disciplinary action, etc.: |
| 1. | Where the name and address of the accounting corporation (in cases of certified public accountants, referring to the names and registration numbers) and the purpose of requesting the perusal and reproduction of information on disciplinary action, etc. are deleted in the written request or documents to be attached are not submitted; |
| 2. | Where the purpose of requesting perusal and reproduction is clearly not to appoint auditors, for example, a request for perusal and reproduction is filed many times repeatedly without good cause, or a request is targeting too many accounting corporations or certified public accountants. |
| (6) | Where the Institute determines not to provide information on disciplinary action, etc. pursuant to paragraph (5), it shall inform the requesting person of the purpose of and grounds for such decision without delay. |
| (7) | Costs incurred in requesting and providing the perusal and reproduction of information on disciplinary action, etc. provided for in paragraphs (2) and (4) shall be borne by requesting persons within the scope of actual costs, as the Institute determines. |
| (8) | Any person provided with information on disciplinary action, etc. pursuant to paragraph (3) shall use the relevant information only for the purpose of appointing auditors. |
| (9) | The Institute shall determine matters necessary for the methods, procedures, etc. for perusing and reproducing information on disciplinary action, etc. other than those provided for in paragraphs (1) through (8). |
[This Article Newly Inserted on Apr. 24, 2018]
CHAPTER VII SUPPLEMENTARY PROVISIONS
| Article 38 (Entrustment of Services) |
| (1) | Pursuant to Article 52 (1) of the Act, the duties of the Financial Services Commission under Articles 7 through 9, 30 (2), 40-4 (1) through (3), 40-5, 40-6 and 40-13 (1) of the Act, and Articles 10, 11, 23-2 and 23-3 of this Decree, shall be entrusted with the Institute of Certified Public Accountants. <Amended on Apr. 1, 1998; Jun. 18, 2001; Feb. 29, 2008; Jun. 30, 2011> |
| (3) | Articles 33 through 37 shall apply mutatis mutandis to the performance of duties entrusted to the Institute of Certified Public Accountants pursuant to paragraph (2). In such cases, the "Chairperson of the Financial Services Commission" shall be construed as the "President of the Institute of Certified Public Accountants", and the "Disciplinary Committee" shall be construed as the "Ethics Committee". <Amended on Apr. 19, 2022> |
| (4) | A person who is dissatisfied with the disciplinary action taken by the Institute of Certified Public Accountants may request it to reopen hearings. |
| (5) | Where the Financial Services Commission deems that disciplinary action taken by the Institute of Certified Public Accountants is unreasonable, it may request the Institute to reopen hearings, or may request the Certified Public Accountants Disciplinary Committee to revoke such disciplinary action and make a new disciplinary decision. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| (6) | Pursuant to Article 52 (2) of the Act, the following duties from among duties of the Financial Services Commission relating to examinations under Article 5 of the Act, and services of the Financial Services Commission under Article 30 (3) of the Act shall be entrusted with the Governor of the Financial Supervisory Service: <Amended on Apr. 1, 1998; Feb. 29, 2008; Jun. 30, 2011> |
| 1. | Delivery and receipt of applications for attempting examinations; |
| 2. | Administration of examinations and ancillary services thereof. |
| (7) | As respects entrusted duties pursuant to paragraph (1), (2), or (6), both the Institute of Certified Public Accountants and the Governor of the Financial Supervisory Service shall notify the Financial Services Commission of the results thereof. <Amended on Apr. 1, 1998; Feb. 29, 2008> |
| Article 38-2 (Management of Sensitive Information and Personally Identifiable Information) |
| 2. | Affairs concerning the registration of certified public accountants, accounting corporations, foreign certified public accountants, or foreign accounting corporations under Article 7, 24, 40-4, or 40-7 of the Act; |
| 3. | Affairs concerning the cancellation of registration of certified public accountants, accounting corporations, foreign certified public accountants, or foreign accounting corporations under Article 9, 39, 40-6, or 40-8 of the Act; |
| 4. | Affairs concerning the disciplinary action of foreign certified public accountants, or certified public accountants under Article 40-17 or 48 of the Act; |
[This Article Newly Inserted on Jan. 6, 2012]
CHAPTER VIII IMPOSITION AND COLLECTION OF PENALTY SURCHARGE
| Article 39 (Criteria for Imposition of Penalty Surcharge) |
| (1) | Where the Financial Services Commission imposes a penalty surcharge under Article 52-2 of the Act, it shall comply with the following criteria: <Amended on Feb. 29, 2008> |
| 1. | The amount equivalent to 70/100 of the maximum amount of penalty surcharge as stipulated in Article 52-2 (1) of the Act (hereafter referred to as the "maximum amount of penalty surcharge" in this Article) shall be imposed as a penalty surcharge, in case where the amount of error or omission due to the relevant offenses is in excess of the amount under the following items: |
| (a) | Accounting corporation: 40/100 of the gross value of assets of a firm subject to audit or attestation; |
| (b) | Certified public accountant: 20/100 of the gross value of assets of a firm subject to audit or attestation; |
| 2. | The amount equivalent to 60/100 of the maximum amount of penalty surcharge shall be imposed as a penalty surcharge, in case where an offense falls under any of the following items: Provided, That this shall not apply to the case where the offense falls under subparagraph 1: |
| (a) | Where the offense subject to the imposition of penalty surcharge is committed during the last 3 years over 3 times in case of an accounting corporation, and over twice in case of a certified public accountant; |
| (b) | Where the scale of profits acquired due to the relevant offenses is in excess of 500 million won in case of an accounting corporation, and in excess of 100 million won in case of a certified public accountant; |
| 3. | In other cases than subparagraphs 1 and 2, the amount equivalent to not less than 20/100 and less than 60/100 of the maximum amount of penalty surcharge shall be imposed as a penalty surcharge. |
| (2) | The amount of penalty surcharge computed under paragraph (1) may be weighted or mitigated within the limit of one half of the relevant amount in view of the conditions under each subparagraph of Article 522 (2) of the Act: Provided, That the gross amount of penalty surcharge shall not exceed the maximum amount of penalty surcharge even where it is weighted. |
| (3) | Where the Financial Services Commission imposes a penalty surcharge under Article 52-2 of the Act, it shall notify in writing of the payment of penalty surcharge, clarifying the type of the relevant offense and the amount of such penalty surcharge. <Amended on Feb. 29, 2008> |
| (4) | Any person in receipt of notification under paragraph (3) shall pay the penalty surcharge within 60 days from the date of receiving such notification to a collecting agent designated by the Financial Services Commission. <Amended on Feb. 29, 2008> |
[This Article Newly Inserted on Jun. 18, 2001]
| Article 40 (Extension of Time Limit for Payment and Installment Payment) |
| (1) | An extension of a time limit for payment under Article 52-4 (1) of the Act shall not exceed one year from the date immediately following the date on which the time limit ends. |
| (2) | In case where granting an installment payment under Article 52-4 (1) of the Act, an interval between each time of installment payment shall be for not more than 6 months, and the frequency of installment shall be not more than 3 times. |
| (3) | Matters necessary for the extension of a time limit for payment or a written application for an installment payment under Article 52-4 (2) of the Act shall be determined by Ordinance of the Prime Minister. <Amended on Feb. 29, 2008> |
[This Article Newly Inserted on Jun. 18, 2001]
| Article 41 (Additional Dues) |
"Additional dues as prescribed by the Presidential Decree" in Article 52-5 (1) of the Act means the amount computed by multiplying the delinquent penalty surcharge by 6/100 per annum. In such cases, the period for collecting additional dues shall not exceed 60 months. <Amended on Mar. 22, 2011> [This Article Newly Inserted on Jun. 18, 2001]
| (2) | The payment term of delinquent penalty surcharge shall, in the case of issuing an urging notice under paragraph (1), be within 10 days from the date of issuance of such notice. |
[This Article Newly Inserted on Jun. 18, 2001]
| Article 43 (Entrustment of Disposition for Arrears) |
| (1) | Where the Financial Services Commission entrusts the Commissioner of the National Tax Service with the duties of disposition for arrears under Article 52-5 (3) of the Act, it shall do so in writing along with the following documents: <Amended on Feb. 29, 2008> |
| 1. | Resolution notice of revenue collection and a notice thereof; |
| 2. | Urging notice of payment. |
| (2) | The Commissioner of the National Tax Service shall, where he is entrusted with the duties of disposition for arrears under paragraph (1), notify in writing the Financial Services Commission of the date of completing such duties and other necessary matters within 30 days from the date of completing the duties of disposition for arrears. <Amended on Feb. 29, 2008> |
[This Article Newly Inserted on Jun. 18, 2001]
ADDENDA <Presidential Decree No. 15309, Mar. 22, 1997>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability to Computation of Duration of Training)
At the time this Decree enters into force where a person who has passed the certified public accountants second examination administered in accordance with the amended provisions of the Enforcement Decree of the Certified Public Accountant Act (Presidential Decree No. 12427) used to work or is working for an establishment designated by the Minister of Finance and Economy pursuant to the amended provisions of Article 12 (1), the period of his/her employment shall be included in the duration of training. In this case, he/she must undergo training for not less than hours determined by the Institute of Certified Public Accountants pursuant to the amended provisions of Article 12 (5) at an accounting training institute under Article 46 (2) of the Act. Article 3 (Applicability to Accumulation of Compensation Reserve)
The amended provisions of Article 20 (1) above shall apply to the turnover of a business year which commences first after this Act takes effect. Article 4 (Transitional Measures Relating to Recognition of Qualification for Certified Public Accountants with Regard to Persons who Passed Certified Public Accountants Second Examination Administered Prior to 1988)
| (1) | A person who passed the certified public accountants second examination administered prior to the entry into force of the amended provisions of the Enforcement Decree of the Certified Public Accountant Act ( Presidential Decree No. 12427) shall be recognized as qualified to act as certified public accountants, limited to each of the following subparagraphs: |
| 1. | Where he/she passed tests on tax law and finance management from among subjects of the second examination which are set out in Table 2: Provided, That if he/she is qualified to act as a certified tax consultant or falls within the category under Article 5-2 (2) of the Certified Tax Accountant Act, he/she shall be exempt from test on tax law; |
| 2. | Where he/she accomplished training as to tax law and finance management from among subjects of the second examination set out in Table 2 for not less than 100 hours in each subject at the accounting training institute pursuant to Article 46 (2) of the Act, and scored not less than 60 marks in each paper on tax law and finance management administered by the accounting training institute: Provided, That if he/she is qualified to act as certified tax consultant or falls within the category under Article 5-2 (2) of the Certified Tax Accountant Act, he/she is exempt from test and examination on tax law. |
| (2) | Tests, pursuant to paragraph (1) 1, shall be administered at the same time as the certified public accountants second examination, and the text of Article 3 (2) and the amended provisions of Articles 7 through 9 shall apply to procedures on attempting the examination and the determination of passing candidates. |
Article 5 (Transitional Measures as to Computation of Duration of Training)
The period of training during which a person who passed the certified public accountants second examination administered prior to the entry into force of the amended provisions of the Enforcement Decree of the Certified Public Accountants Act (Presidential Decree No. 12967) has obtained training after he/she got registered on trainee certified public accountants register shall be included in the duration of training, prescribed in the amended provisions of Article 12 (2). Article 6 (Transitional Measures as to Security Measures for Compensation)
At the time this Decree enters into force a certified public accountant who filed reports as to the commencement of practicing shall take measures to secure compensation pursuant to the amended provisions of Article 13 by not later than July 15, 1997, despite the amended provisions of Article 13 (1), and file reports as to this with the Institute of Certified Public Accountants. Article 7 (Transitional Measures as to Accounting Firm)
An accounting firm at the time of implementation of this Decree shall submit documents specified in each subparagraph of the amended provisions of Article 15 (1) and a certified copy of register containing the content of each subparagraph of the amended provisions of Article 16 (2) with the Minister of Finance and Economy by not later than December 31, 1997. Article 8 (Transitional Measures as to Maintenance of Capital)
Article 9 (Transitional Measures as to Limited Contributions into Other Corporations)
At the time this Decree enters into force, an accounting firm who has exceeded limits of contribution pursuant to the amended provisions of Article 21 shall satisfy the limits by not later than December 31, 1998. Article 10 (Transitional Measures as to Certified Public Accountants Disciplinary Committee)
At the time this Decree enters into force, members of the Certified Public Accountants Disciplinary Committee pursuant to the former provisions shall be deemed to be members of the Certified Public Accountants Disciplinary Committee pursuant to this Decree. In these circumstances, the terms of office shall commence from the date on which the terms of office starts in accordance with the former provisions.
Article 11 (Transitional Measures as to Extent of Functions of Overseas Certified Public Accountants)
Article 12 (Relationship with Other Statutes)
At the time this Decree enters into force, references in other statutes to the former Enforcement Decree of the Certified Public Accountant Act or its provisions, where there are pertinent provisions to them, shall be construed to include this Decree or relevant provisions thereof with the effect of replacing the former provisions.
ADDENDUM <Presidential Decree No. 15748, Apr. 1, 1998>
This Decree shall enter into force on April 1, 1998.
ADDENDUM <Presidential Decree No. 16846, Jun. 23, 2000>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 17238, Jun. 18, 2001>
| (1) | (Enforcement Date) This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of subparagraph 1 of Article 14 shall enter into force on January 1, 2002. |
| (2) | (Transitional Measures on Previous Authorization Notice of Establishment of Accounting Corporation) An authorization notice of establishment of accounting corporation issued to an accounting corporation pursuant to previous Article 15 (2) at the time of enforcement of this Decree shall be regarded as a registration certificate of accounting corporation issued under the amended provisions of Article 15 (2). |
ADDENDUM <Presidential Decree No. 18312, Mar. 17, 2004>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 18352, Apr. 1, 2004>
| (1) | (Enforcement Date) This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 2, 2-2, and 3 shall enter into force on January 1, 2007. |
| (2) | (Applicability concerning Restriction on Functions) The amended provisions of Articles 14 (2) and 15-2 shall apply with respect to the portion which is contracted on or after the enforcement date of this Decree. |
ADDENDUM <Presidential Decree No. 19374, Mar. 10, 2006>
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 2 (4), 2-2 (4) and 3 (3) shall enter into force on January 1, 2007.
ADDENDA <Presidential Decree No. 19513, Jun. 12, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2006.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 19880, Feb. 12, 2007>
| (1) | (Enforcement Date) This Decree shall enter into force on the date of its promulgation. |
| (2) | (Transitional Measures regarding TOEFL IBT) Where any person has acquired a mark necessary to be a successful applicant at a TOEFL Internet-based test referred to in the attached Table 3 and has submitted his test record in accordance with the public announcement of the plan for holding the 2007 certified public accountants examination before the enforcement of this Decree, he shall be deemed to have passed the test of English subject referred to in Article 2 (1) and attached Table 1. |
ADDENDA <Presidential Decree No. 19958, Mar. 27, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on March 28, 2007. (Proviso Omitted.)
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That among the Presidential Decrees amended under Article 2 of the Addenda, the amended provisions of the Presidential Decrees, which were promulgated before this Decree enters into force, but the dates on which they are to enter into force have not yet arrived, shall enter into force on the enforcement dates of the respective Presidential Decrees. Article 2 Omitted.
ADDENDA <Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDA <Presidential Decree No. 21969, Dec. 31, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDUM <Presidential Decree No. 22717, Mar. 22, 2011>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 23002, Jun. 30, 2011>
This Decree shall enter into force on the date on which the Free Trade Agreement between the Republic of Korea and the European Unions and its Member States takes effect.
ADDENDA <Presidential Decree No. 23488, Jan. 6, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
ADDENDA <Presidential Decree No. 23759, May 1, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 (Applicability to Announcement of Examination)
Matters concerning the amendment of announcement period of the examination, etc. in this Decree shall apply to examinations administered on and after January 1, 2013.
ADDENDUM <Presidential Decree No. 23884, Jun. 27, 2012>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 24638, Jun. 28, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2013. (Proviso Omitted.)
Articles 2 through 17 Omitted.
ADDENDA <Presidential Decree No. 24697, Aug. 27, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 29, 2013. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDUM <Presidential Decree No. 27069, Mar. 29, 2016>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27205, May 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27535, Sep. 29, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016.
Article 2 (Transitional Measures concerning Exemption from Preliminary Examination)
The length of service holding office at a level equivalent to or higher than the rank prescribed in the previous Article 4 (2) 1 at an institution excluded from the category of public enterprises under the amended provisions of Article 4 (1) 1, among institutions falling under the previous Article 4 (1) 1 before this Decree enters into force shall count towards calculating the duration of service provided for in Article 6 (1) 3 of the Act, notwithstanding the amended provisions of Article 4 (1) 1 and Article 4 (2) 1.
ADDENDA <Presidential Decree No. 28834, Apr. 24, 2018>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 1, 2018.
Article 2 (Applicability to Establishment of Types of English Examination)
The amended provisions of attached Table 3 shall also apply to scores attained in G-TELP or FLEX administered before this Decree enters into force.
Article 3 (Transitional Measures concerning Change of Scores Necessary to Pass English Examination)
Notwithstanding the amended provisions of attached Table 3, a determination on whether or not a person has passed or failed a test based on scores attained in TEPS administered before this Decree enters into force shall be governed by the former provisions.
ADDENDA <Presidential Decree No. 29269, Oct. 30, 2018>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 1, 2018.
Articles 2 through 11 Omitted.
ADDENDUM <Presidential Decree No. 30063, Aug. 27, 2019>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 31169, Nov. 24, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2021.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 31176, Nov. 24, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (General Applicability to Methods of Public Announcement)
This Decree shall begin to apply to a public announcement, declaration, publication, or public notice made or given on or after the date this Decree enters into force.
ADDENDUM <Presidential Decree No. 31380, Jan. 5, 2021>
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 32600, Apr. 19, 2022>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 2-2 and attached Tables 1 and 2 shall enter into force on January 1, 2025. Article 2 (Applicability to Establishment of New Types of English Tests)
The amended provisions of Article 2 (5) and (6) and attached Table 3 shall begin to apply to tests publicly announced on or after the date this Decree enters into force. Article 3 (Applicability to Refund of Examination Fees)
The amended provisions of Article 7 (2) 4 shall begin to apply to tests publicly announced on or after the date this Decree enters into force. Article 4 (Applicability to Subjects of Certified Public Accountants Examination and Distribution of Marks by Subject)
| (1) | The amended provisions of attached Table 1 shall begin to apply to the preliminary examination conducted in 2025. |
| (2) | The amended provisions of attached Table 2 shall begin to apply to the secondary examination conducted in 2025. |
| (3) | Notwithstanding Article 3 (3), where a person who passed the preliminary examination of 2024 scored at least 60 percent of the following subjects referred to in the previous attached Table 2 out of the subjects of the secondary examination conducted in the year of the preliminary examination, he or she shall be exempt from the examination of the relevant subjects referred to in the amended provisions of attached Table 2, in the secondary examination of 2025: |
| 1. | Cost accounting: Cost management accounting; |
| 2. | Financial accounting: Financial accounting I (intermediate accounting) and financial accounting II (advanced accounting). |
Article 5 (Transitional Measures concerning Addition of Regular Subjects of Certified Public Accountant Examination)
A person who has vindicated the regular subjects under the previous provisions of Article 2-2 (1) and the number of credits for each subject before the enforcement date under the proviso of Article 1 of the Addenda shall be deemed to have completed the regular subjects under the amended provisions of Article 2-2 (1) and earned the number of credits for each subject. Article 6 (Transitional Measures concerning Restriction on Functions)
Notwithstanding the amended provisions of Article 14 (1), where a certified public accountant has entered into a contract for auditing or attesting financial statements with a person who is not subject to restriction on functions under the previous provisions of Article 14 (1) before this Decree enters into force, he or she may perform the service of auditing or attesting financial statements pursuant to the previous provisions of Article 14 (1) until the contract is terminated or renewed on or after the date this Decree enters into force.