FSS to inspect 154 companies over suspected accounting fraud

( April 1, 2016, 10:26 GMT | Insight) -- South Korea’s Financial Supervisory Service is to inspect 154 companies and 10 accounting firms this year for possible accounting fraud, Etoday reports.South Korea’s Financial Supervisory Service is to inspect 154 companies and 10 accounting firms this year for possible accounting fraud, Etoday reports. The targeted companies are the firms with a high possibility of involvment in such illegal activity. The number of companies to be investigated has increased, from 89 firms in 2014 and and 131 in 2015. The fines to be imposed will be toughened as the FSS decided to change its method of imposing fines this year. Any firm accused will be fined for every case rather than fined only for one if it commits such activity several times. Rewards for whistleblowing have also increased from 100 million won ($86,864) to 500 million won....

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FSS to inspect 154 companies over suspected accounting fraud

Prepare for tomorrow’s regulatory change, today

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