개정상법상 감사제도에 관한 소고

A Study on the Audit System

The companies all over the world have secured the System of the Audit Committee by the modern Commercial Act. Since the monetary crises in 1997, IMF has urged Korea to execute serveral plans including the reform of corporate law. The commercial Code, Securities Exchange Act and Monopoly Regulation & Fair Trading Act have been amended in Korea. Korea company law established committee system and outside directors system called as one-tier system that is classified as American Corporate Governance. The U.S recently made rules for the independence of auditor form directors and functions and obligation of the audit committee in American Law Institute's Principles of Corporate Governance, and amended the SEC regulations in order to reinforce the requirements for the disclosure information related with the obligation and independence of the audit committee. The SEC also revised the Auditor Independence Rule in order to strengthen the independence of the outside auditors from executives. Likewise, it is important that we harmonize this committee with the existing legal system in Korea, and that secure independence of this committee. This study outlines the audit committee of the stock company and considers the efficiency of the new audit system which will take effect on and after Feb. 1, 2009. The purpose of this study is to prove the efficiency of the current audit committee system. The Audit committee enhances the transparency of corporations and shakeholders will gives the trust to the corporations. To achieve such a corporate transparency and reliable management, a managerial system that promotes creative and progressive audit regulation must be established.