회계감독원의 설립 필요성과 설립방향

초록

The Public Company Accounting Oversight Board which is created by the Sarbanes-Oxley Act of 2002 has reinforced the inspection of accounting firms. The inspection of accounting firms is expected to carry the potential for real-time improvement in the audits of public companies. This inspection procedures are applied to all registered accounting firms including foreign firms that audit public companies trading in the U.S. securities market.Eight Korean public accounting firms has registered in the PCAOB as of December, 2004. If the audit review procedures of the Financial Supervisory Service on accounting firms is not enough to substitute for PCAOB’s inspection procedures, the right of oversight on the accounting firms may be transferred to the PCAOB.This paper provides an overview of the current regulatory framework for financial reporting and auditing in Korea. The primary problems of current regulatory framework is that the function of oversight has dispersed to diverse organizations. To promote efficiency and effectiveness of oversight procedures, the dispersed functions should be unified in one independent oversight organization. Therefore, we suggest establishment of the Korean Accounting Oversight Board (KAOB) and provide guidelines for initial KAOB setting-up procedures.

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