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Locations BAE, KIM & LEE IP

Accounting Supervision

"Good internal communication among the teams within the firm. They provide comprehensive feedback with input from the various departments."

- Chambers & Partners Asia-Pacific

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Overview Key Services Practices Representative Cases Key Contacts Related Content

Overview

BKL has a distinguished history of representing clients in connection with accounting supervision by regulatory authorities and provides practical advice to clients on a broad spectrum of related matters based on our considerable experience.

Companies subject to external audit under applicable laws are required to present financial statements in accordance with the established accounting standards, and the supervisory authorities inspect such financial statements and the audit performed.  This process requires dealings with various stakeholders such as the Financial Supervisory Service and audit firms.

Our Accounting Supervision Group assists clients in a wide range of industries throughout the accounting supervision process, including administrative disciplinary procedures.  In addition, BKL provides expert advice to companies that are required to respond to the Korea Exchange following such supervision and/or become subject to prosecutorial investigations, criminal defense litigation, administrative litigation, civil litigation or other proceedings that may arise during and after such supervision.

In connection with audit review, BKL analyzes the key areas of focus pronounced by regulators, provides accounting and legal advice in relation to preparation or amendment of financial statements, manages the client’s response to accounting fraud investigations and performs digital forensics services in relation to audits and re-audits.

Our Accounting Supervision Group is composed of attorneys with experience working in the relevant regulatory agencies as well as advisors, technical experts, litigators with expertise in accounting matters, accountants and other experts in the accounting field, who work closely with firm experts in other areas to formulate a well-coordinated response strategy and address a comprehensive range of legal issues that clients may face during and after the supervisory process.  Clients appreciate our comprehensive analyses of issues and formulation of integrated responses, which helps clients achieve the end results they seek.

Key Services

Response to Accounting Supervision
Manage client’s response to examination of financial statements by regulatory authorities designed to ensure compliance with accounting standards
Respond to administrative action, including disciplinary sanction, taken by the Financial Services Commission or the Securities and Futures Commission following accounting supervision
Korea Exchange Listing Eligibility Review
Respond to preliminary examination by the Korea Exchange prior to its listing eligibility review process
Prosecutorial Investigation and Criminal Defense Litigation 
Respond to criminal charges, criminal notice and prosecutorial investigations arising from the results of accounting supervision
Provide legal advice on criminal defense litigation involving violations of the Act on External Audit of Stock Companies (AEASC), the Certified Public Accountant Act, the Criminal Act, etc.
Provide legal representation in criminal defense litigation
Provide digital forensics support in evidence analysis in investigations and litigation 
Administrative and Civil Litigation
Assist with injunction filings to suspend administrative sanction based on the results of accounting supervision
Provide legal representation in administrative lawsuits to challenge decisions made by the Securities and Futures Commission and/or the Financial Services Commission
Assist with injunction filings to suspend delisting by the Korea Exchange based on lack of an inappropriate audit opinion
Response to Audit Review
Provide legal advice to companies re-drafting or amending financial statements due to loss of an inappropriate audit opinion

Practice Areas

Representative Cases

Represented a resort company in accounting supervision and the results thereof
Advised many KOSDAQ-listed companies in relation to disclaimer of opinion and listing eligibility review process
Represented a Korean press company in relation to prosecutorial investigations and criminal and administrative litigation, as well as inquiries by the Korea Communications Commission, following accounting supervision results
Responding to Accounting Supervisions
Represented an audio/video equipment manufacturer in accounting
Represented a commodity broker in accounting supervision
Represented an aerospace parts manufacturer in accounting supervision and the results thereof
Represented an external auditor in accounting supervision of an electronic payment processing company and the results thereof
Represented a Korean press company in accounting supervision and the results thereof
Represented a resort company in accounting supervision and the results thereof
Represented a semiconductor developer in accounting supervision
Represented an external auditor in accounting supervision of a pharmaceutical manufacturer and the results thereof
Represented a chemical products manufacturer in accounting supervision
Represented a cosmetics company in accounting supervision and the results thereof
Korea Exchange Listing Eligibility Review
Advised many KOSDAQ-listed companies in relation to disclaimer of opinion and listing eligibility review process
Advised many KOSPI-listed companies on listing eligibility review process and listing maintenance in relation to disclaimer of opinion
Advised a KOSPI-listed company on exemption from listing eligibility review
Advised many KOSDAQ-listed companies on market disclosure violations
Prosecutorial Investigation & Criminal, Administrative and Civil Litigation
Represented a Korean press company in relation to prosecutorial investigations and criminal and administrative litigation, as well as inquiries by the Korea Communications Commission, following accounting supervision results
Represented an external auditor of a pharmaceutical manufacturer in prosecutorial investigations and criminal litigation following accounting supervision results
Represented a cosmetics company in prosecutorial investigations and administrative litigation following accounting supervision results
Represented an aerospace parts manufacturer in prosecutorial investigations
Represented a pharmaceutical manufacturer in relation to qualified audit opinion and delisting
Represented a game software developer in relation to delisting
Represented an underwriter for IPO of a foreign company in Korea in civil litigation against its external auditor
Represented a shipbuilding company in civil litigation against its external auditor
Accounting Advice and Responding to Audits
Advised a tobacco company on internal accounting investigations related to internal audits
Advised numerous companies on internal accounting investigations in relation to inappropriate audit opinion
Advised an oil company on the scope of financial consolidation
Advised a software developer on digital forensics in relation to inappropriate audit opinion
Advised an accounting firm on internal investigations related to PCAOB investigations

Key Contacts

Our Team

Practice Areas

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