Expertise

Corporate Accounting

Introduction

Introduction

The demand for transparent corporate accounting practices is higher than ever and the financial authorities are tightening their grip on loose accounting practices commonly practiced by corporate enterprises at all levels. With recent amendments to the law, such as the Act on External Audit of Stock Companies and the Financial Investment Services and Capital Markets Act, an emphasis is being placed on proper and compliant corporate accounting practice. With stricter standards in place, a party responsible for violating such accounting standards would not only face a number of sanctions and penalties levied by the authorities, it could potentially be subject to investor disputes, securities-related class actions and a delisting. As a result, businesses must take a proactive approach and understand the legal and practical implications of the amendments made to the law in order to analyze how it will generate and calculate its corporate numbers while ensuring they are transparent and in-line accounting standards set-out by the authorities.

Key Services

Shin & Kim provides the following services:

  • General business accounting advice
  • Support and defense of audits conducted by the Financial Supervisory Service
  • Support and defense of accounting audits conducted by the financial authorities
  • Defense of tax investigations relating to corporate accounting fraud
  • Filing of an objection against delisting based on accounting fraud
  • Claim for re-assessment relating to accounting fraud
  • Administrative lawsuits challenging corrective measure subsequent to supervision
  • Civil lawsuits such as investor dispute and securities-related class actions
  • Civil lawsuits relating to mortgage fraud and violation of M&A representations and warranties
  • Criminal lawsuits relating to accounting fraud and mortgage fraud
Experiences
  • Successful representation of a company in a prosecution case for accounting fraud
  • Representation of companies and accounting firms in their audits conducted by the Financial Supervisory Service
  • Representation of companies and accounting firms in their investor dispute cases and securities-related class action lawsuits
  • Representation of companies in criminal cases on accounting fraud involving acquisition targets
  • Support and advise companies in connection with their listing eligibility investigation resulting from accounting fraud
  • Support and advise a listed company in connection with its filing of a formal objection against a delisting
  • Support and advise companies in connection with their corporate accounting scheme and revenue recognition under K-IFRS No. 1115
  • Representation of a company in a lawsuit for damages in connection with its violation of its M&A representations and warranties
  • Representation of companies in tax lawsuits related to accounting fraud

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