Statutory Audit Responsibility of Limited Liability Company

Limited Liability Company(유한회사) need to get a statutory financial audit from 2020 FY if satisfied 2 of 4 factors as below factors; more than 10bil.won fixed assets, 7bil.won of debts, 10bil.won sales and 100 employees.

The last April our Finance committee(금융위원회) announced that they want to improve those articles for financial transparency of limited liability company in Korea, and it's a lot of remarkable foreign companies are included like Facebook, Apple, Google, Microsoft, HP, Oracle, Alibaba, Netflix, Huawei, Hermes, Chanel, Louisvuitton, Gucci, Dyson, Oxy and IKEA.

But if a company satisfied 3 of 4 factors as follow factors, a less than than 10bil.won fixed assets, 7bil.won of debts, 10bil.won sales and 100 employees, it'll be waived as a small company.

So newly audited company will be around 3-4,000 companies need to get the statutory financial audit from 2020FY.

And also according to the commercial law article No. 396, a company limited(주식회사) should publicate the articles of incorporation(정관) with shareholders' list(주주명부), but a limited liability company(유한회사) was not forced to do so, so it's also one of area to improve sooner or later.

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since 1981-

Korean Tax Blog

Joseph SY Zoh

CPA, California, a member of AICPA  |  Jz Associates/Tax Accounting Firm Hae-An

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