Yonsei Business Research Institute

Professor Ho-Young Lee of the Center presented a research on [Improving the Effectiveness of the Corporate Internal Audit System] at the first meeting of the Council for Integrity and Civil Affairs of the Anti-Corruption and Civil Rights Commission on May 27. In order to enhance the effectiveness of the internal audit system, this study suggested that those with internal audit capabilities, such as work experience for a certain period of time or more, be appointed as full-time auditors, and that the internal audit support department should be established under direct direction and supervision by the audit committee for listed companies with assets of a certain size or larger. In addition, listed companies of a certain size or larger are suggested that they should faithfully disclose the status of compliance with the qualifications, such as the expertise and work experience of auditors, as well as the existence and supervisory system of the internal audit support department. The plenary session also discussed the potential problems of the system being discussed to enhance the independence of internal audits.