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Selected Statutes of the Republic of Korea |
제20편 재정․경제일반 공인회계사법 시행령
ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
Wholly Amended by Presidential Decree No. 15309, Mar. 22, 1997
Amended by Presidential Decree No. 15748, Apr. 1, 1998
Presidential Decree No. 16846, Jun. 23, 2000
Presidential Decree No. 17238, Jun. 18, 2001
Presidential Decree No. 18312, Mar. 17, 2004
Presidential Decree No. 18352, Apr. 1, 2004
Presidential Decree No. 19374, Mar. 10, 2006
Presidential Decree No. 19513, Jun. 12, 2006
Presidential Decree No. 19880, Feb. 12, 2007
Presidential Decree No. 19958, Mar. 27, 2007
Presidential Decree No. 20653, Feb. 29, 2008
Presidential Decree No. 20947, Jul. 9, 2008
CHAPTER Ⅰ GENERAL PROVISIONS
Article 1 (Purpose)
The purpose of this Decree is to provide for the matters delegated by the Certified Public Accountant Act and the matters necessary for the
enforcement thereof. <Amended by Presidential Decree No. 19374, Mar. 10, 2006>
CHAPTER Ⅱ EXAMINATIONS
Article 2 (Subjects, Method, etc. of Certified Public Accountants Exami- nation)
(1) Subjects and distribution of marks by subjects of the certified public
accountants examination (hereinafter referred to as the examination ) provided for in Article 5 (2) of the Certified Public Accountant Act (hereinafter referred to as the Act ) shall be as set out in the attached Tables 1 and 2. <AmendedbyPresidentialDecreeNo.18352,Apr.1,2004;Presidential
Decree No. 19374, Mar. 10, 2006>
(2) While the preliminary examination shall be a multiple-choice test,
the secondary examination shall be an essay test.
(3) English subject among those of the preliminary examination as referred
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
to in paragraph (1) shall be substituted by the record of an English test
conducted by another examination agency (hereinafter referred to as the
English test ) on or after the 1st of January of the year whereto belongs
the date when two years have passed retroactively from the announcement
date of the examination. <AmendedbyPresidentialDecreeNo.18352,Apr.1,2004>
(4) Types and qualifying marks of the English test as referred to in para-
graph (3) shall be as shown in the attached Table 3, and any person who
intends to apply for the examination shall submit the record of the English
test issued by another examination agency, along with a written application
as prescribed by Ordinance of the Prime Minister. <NewlyInsertedbyPresi-
dential Decree No. 18352, Apr. 1, 2004; Presidential Decree No. 19374, Mar. 10, 2006; Presidential Decree No. 20653, Feb. 29, 2008>
Article 2-2 (Qualifications for Taking Examination)
(1) The kinds of subjects (hereafter in this Article referred to as the
regular subjects ) and the number of credits as provided for in Article
5 (4) of the Act shall be as follows:
1. Accounting and tax-related subjects: 12 credits;
2. Business administration: 9 credits; and
3. Economics: 3 credits.
(2) In the case of completing the required course at schools under Article
5 (3) 1 of the Act, the standards for recognizing credits under paragraph
(4) of the said Article shall follow the school regulations and in other
cases, the Act on Recognition of Credits, etc. or the Act on the Acquisition of Academic Degrees through Self-Education: Provided, That the exami-
nation board as referred to in Article 6 may, subject to its deliberation,
recognize the credits of a subject not set as a major of a degree course
for the relevant regular subject if the contents of the subject are related
to the field of the relevant regular subject, or may decide not to recognize
the credits of a subject set as a major of a degree course for the relevant
regular subject if it is evident that the contents of the subject are not
related to the field of the relevant regular subject. <AmendedbyPresidential
Decree No. 19374, Mar. 10, 2006>
(3) Qualifications for taking examination under Article 5 (4) of the Act
shall be proved by a certificate of acquiring credits of the regular subjects
issued by the head of a school or credit-recognition agency from which
the credits are earned: Provided, That if a certificate of acquiring credits
of the regular subjects can not be submitted for any inevitable grounds,
the examination board as referred to in Article 6 may allow its substitution
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by the certificate of records of the regular subjects, subject to its deliberation.
(4) Anyone who intends to apply for the examination shall submit the
certificate as referred to in paragraph (3) along with a written application
as prescribed by Ordinance of the Prime Minister. <AmendedbyPresidential
Decree No. 19374, Mar. 10, 2006; Presidential Decree No. 20653, Feb. 29, 2008>
(5) Persons entitled to take the secondary examination shall be limited
to those who pass or are exempt from the preliminary examination.
[This Article Newly Inserted by Presidential Decree No. 18352, Apr. 1, 2004]
Article 3 (Determination of Successful Candidates)
(1) Candidates passing in the preliminary examination shall be determined
in the order of scored marks out of the aggregate marks in all subjects
in consideration of the results of examination and number of candidates
from among those who score not less than 40 marks out of 100 in each
subject and an average of not less than 60 marks in all subjects, excluding
English subject. <Amended by Presidential Decree No. 18352, Apr. 1, 2004>
(2) Candidates passing in the secondary examination shall be those who
score not less than 60 marks out of 100 in each and every subject: Provided,
That where those who score not less than 60 marks out of 100 in each
and every subject fall short of the estimated minimum number of candidates
to be selected which is announced by the Financial Services Commission
at the time of the announcement of the examination, deeming it necessary
for supply and demand of certified public accountants, the shortage may
be filled in the order of scored marks out of the aggregate marks in all
subjects, not exceeding the publicized estimated minimum number of
candidates to be selected, from among those who score not less than 40
marks out of 100 in each and every subject. <AmendedbyPresidentialDecree
No. 18352, Apr. 1, 2004; Presidential Decree No. 20653, Feb. 29, 2008>
(3) Where a candidate who passed the preliminary examination has scored
not less than 60 marks out of 100 in each subject of the secondary examina-
tion executed in the year of the preliminary examination, he shall be
exempt from the examination of such subject in the next secondary examina-
tion only once. <Amended by Presidential Decree No. 19374, Mar. 10, 2006>
(4) In determining successful candidates under the proviso of paragraph
(2), their aggregate marks shall be calculated by applying the marks scored
in the immediately preceding secondary examination with respect to the
subjects exempt from the secondary examination pursuant to paragraph
(3) and if, in spite of the provisions of paragraph (3), they have again
attempted the examination of the subjects subject to the exemption, by
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
applying the marks obtained by it; and although the number of successful
candidates is expected to exceed the estimated number of candidates to
be selected, due to candidates who score the same marks, successful candi-
dates shall include those who score the same marks. In this case, their
marks shall be calculated down to the secondary decimal place. <Newly
Inserted by Presidential Decree No. 18352, Apr. 1, 2004>
Article 4 (Those Who are Exempt from Preliminary Examination)
(1) The term organizations prescribed by Presidential Decree in Article
6 (1) 3 of the Act means any of the following organizations: <Amended
by Presidential Decree No. 17238, Jun. 18, 2001; Presidential Decree No. 18352, Apr. 1,
2004;PresidentialDecreeNo.19374,Mar.10,2006;PresidentialDecreeNo.20947,Jul.9,2008>
1. An institution in which the Government invests in accordance with
the Framework Act on the Management of Government-Invested Institu-
tions (hereinafter referred to as a government-invested institution );
2. A stock-listed corporation at the securities market under the Capital
Market and Financial Investment Business Act (hereinafter referred
to as a stock-listed corporation at the securities market ); and
3. The Credit Guarantee Fund under the Credit Guarantee Fund Act
and the Korea Technology Credit Guarantee Fund under the Korea
Technology Credit Guarantee Fund Act (hereinafter referred to as
the guarantee agency ).
(2) The term particular level determined by Presidential Decree in Article
6 (1) 3 of the Act means any level of the following subparagraphs: <Amended
by Presidential Decree No. 15748, Apr. 1, 1998; Presidential Decree No. 17238, Jun. 18,
2001; Presidential Decree No. 18352, Apr. 1, 2004; Presidential Decree No. 19374, Mar.
10, 2006; Presidential Decree No. 20947, Jul. 9, 2008>
1. A deputy, in case of a banking institution under Article 2 of the Banking
Act, a government-invested institution, or a guarantee agency; and
2. The head of section or equivalent thereto, in case of a stock-listed
corporation at the securities market.
(3) The term fields relating to accounting in Article 6 (1) 3 of the Act
means the field whose main work is to prepare financial statements.
(4) The term person as prescribed by Presidential Decree in Article 6 (1)
5 of the Act means a person, holding the office of deputy or higher at
the Financial Supervisory Service established under the Act on the Estab-
lishment, etc. of Financial Services Commission (hereinafter referred to
as the Financial Supervisory Service ), with experiences in any of the
following services for the period of not less than five years: <Amendedby
PresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecreeNo.17238,Jun.18,2001;
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제20편 재정․경제일반 공인회계사법 시행령
PresidentialDecreeNo.19374,Mar.10,2006;PresidentialDecreeNo.20653,Feb.29,2008; Presidential Decree No. 20947, Jul. 9, 2008>
1. Services relating to external audits under the Act on External Audit
of Stock Companies; and
2. Services relating to finance management of a stock-listed corporation
under the Capital Market and Financial Investment Business Act
(hereinafter referred to as the registered corporation ).
(5) In computing the period of services in such fields as specified in each
subparagraph of Article 6 (1) of the Act, for a person who has experience
in the field concerned at two institutions or more, the periods of services
in each institution shall be aggregated.
Article 5 (Administration and Public Notice of Examination)
(1) The examination shall be held at least once every year.
(2) The Financial Services Commission shall give public notice with regard
to the contents of the following subparagraphs in daily newspapers, etc. not later than 30 days prior to the date of examination:
Provided, That
if changes in public notice are necessary for unavoidable causes, the public notice with regard to such changes shall be given in
daily newspapers, etc. not later than 10 days prior to the date of examination: <Amended
by Presidential Decree No. 15748, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29,
2008>
1. Qualifications for taking the examination;
2. Method, date and time of the examination;
3. Subjects of the examination;
4. Date and time and method of notification of successful candidates;
5. Places where application forms for examination are available and re-
ceived, and time-limit of application for examination; and
6. Other necessary matters relating to administration of the examination.
Article 6 (Examination Board)
(1) The examination board shall be established in the Financial Services
Commission for the administration of the examination (hereafter referred
to in this Article as the examination board ). <AmendedbyPresidentialDecree
No.15748,Apr.1,1998;PresidentialDecreeNo.16846,Jun.23,2000;PresidentialDecree
No. 20653, Feb. 29, 2008>
(2) The examination board shall be composed of a chairman, examiners
whom the chairman appoints or designates, at each occasion, from among
those who have vast knowledge and practical experience in each subject
of examination. <Amended by Presidential Decree No. 16846, Jun. 23, 2000>
(3) The Governor of the Financial Supervisory Service (hereinafter referred
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
to as the Governor of the Financial Supervisory Service ) shall be the
chairman. <Amended by Presidential Decree No. 15748, Apr. 1, 1998>
(4) The examination board shall deliberate the following subparagraphs:
<AmendedbyPresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecreeNo.16846, Jun. 23, 2000; Presidential Decree No. 20653, Feb. 29, 2008>
1. Matters relating to eligibility to attempt the examination;
2. Matters relating to setting questions for the examination;
3. Matters relating to method of the examination;
4. Matters relating to the determination of successful candidates; and
5. Other matters referred to by the Chairman of the Financial Services
Commission or the chairman.
(5) The chairman shall exercise powers over general matters of the exami-
nation board, represent it, call and preside over its meetings. <Amended
by Presidential Decree No. 16846, Jun. 23, 2000>
(6) Where the chairman is incapable of carrying out his functions due
to unavoidable causes, an examiner designated by the chairman shall act
for him: Provided,That if the chairman can not designate his substitute
because of the occurrences of unavoidable causes, an examiner designated
by the Chairman of the Financial Services Commission shall act for the
chairman. <AmendedbyPresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecree
No. 20653, Feb. 29, 2008>
(7) Any decision at meetings of the examination board shall be made
with the attendance of a majority of all members and with concurrent
vote of a majority of those present. <AmendedbyPresidentialDecreeNo.16846,
Jun. 23, 2000>
(8) Matters necessary for the operation of the examination board other
than those provided for in paragraphs (1) through (7) shall be deter mined
by the chairman through resolutions of the examination board. <Amended
by Presidential Decree No. 16846, Jun. 23, 2000>
Article 7 (Fees for Attempting Examination)
(1) A person who wishes to attempt the examination shall pay the Financial
Supervisory Service the amount set out in Ordinance of the Prime Minister
as fees in cash or by means of electronic currency, electronic settlement,
etc. using information and communications networks: Provided, That the
Financial Services Commission may allow him to pay such fees by means
of electronic currency, electronic settlement, etc. using information and
communications networks. <AmendedbyPresidentialDecreeNo.15748,Apr.1,1998;
PresidentialDecreeNo.16846,Jun.23,2000;PresidentialDecreeNo.18312,Mar.17,2004; PresidentialDecreeNo.18352,Apr.1,2004;PresidentialDecreeNo.20653,Feb.29,2008>
(2) Fees referred to in paragraph (1) shall not be refunded even where
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제20편 재정․경제일반 공인회계사법 시행령
a candidate does not sit at the examination.
Article 8 (Public Notice of Successful Candidates and Delivery of Passing
Certificates)
The Financial Services Commission, where successful candidates are de-
termined, shall give public notice thereon in the Gazette and deliver passing
certificates to candidates who pass the secondary examination. <Amended
by Presidential Decree No. 15748, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29,
2008>
Article 9 (Sanctions against Cheating)
Where a candidate cheats in the examination or contravenes rules and
regulations relating to the examination, the Financial Services Commission
shall stop his taking the examination concerned or have it null and void,
and take measures to suspend his eligibility for attempting the examination
for a period of five years from the date on which such measures are taken.
<AmendedbyPresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecreeNo.20653, Feb. 29, 2008>
Article 9-2 (Certified Public Accountant Qualification System Delibera- tion Committee)
(1) The Certified Public Accountant Qualification System Deliberation
Committee (hereafter referred to in this Article as the System Deliberation
Committee ) under Article 6-2 of the Act shall be composed of seven members
including a chairman.
(2) The Vice Chairman of the Financial Services Commission shall be the
chairman of the System Deliberation Committee (hereafter referred to in
this Article as the chairman ), and its members shall be commissioned
by the Financial Services Commission from among the following persons:
<AmendedbyPresidentialDecreeNo.19374,Mar.10,2006;PresidentialDecreeNo.19513, Jun. 12, 2006; Presidential Decree No. 20653, Feb. 29, 2008>
1. Two persons from among the public officials of Grade Ⅲ or public officials
in general service belonging to the Senior Civil Service of the Financial
Services Commission;
2. Deleted; <by Presidential Decree No. 20653, Feb. 29, 2008>
3. One person recommended by the president of the Korean Institute
of Certified Public Accountants (hereinafter referred to as the Institute
of Certified Public Accountants ) under Article 41 of the Act;
4. One person recommended by the head of a corporation or organization
which is entrusted by the Financial Services Commission with the busi-
ness of setting or amendment of accounting standards under Article
13 (4) of the Act on External Audit of Stock Companies and Article
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
7-2 of the Enforcement Decree of the same Act;
5. One person recommended by a citizens organization (referring to a
nonprofit non-governmental organization under Article 2 of the Assis-
tance for Nonprofit, Non-Governmental Organizations Act); and
6. One civil expert having abundant knowledge and experience in account-
ing system.
(3) The chairman shall represent the System Deliberation Committee,
exercise the overall control of its affairs, and call and preside over its
meeting.
(4) If the chairman is unable to perform his duties due to inevitable reasons,
a member designated by the chairman shall act for the chairman.
(5) A meeting of the System Deliberation Committee shall take decision
with the attendance of a majority of the total members and with concurrent
vote of a majority of those present.
(6) The terms of office for members referred to in paragraph (2) 3 through
6 shall be three years and renewable.
(7) Other than the matters as provided in paragraphs (1) through (6),
matters necessary for the operation, etc. of the System Deliberation Commit-
tee shall be determined by the chairman subject to a resolution by the
System Deliberation Committee.
[This Article Newly Inserted by Presidential Decree No. 16846, Jun. 23, 2000]
CHAPTER Ⅲ TRAINING, REGISTRATION, ETC.
Article 10 (Registration)
(1) A person who wishes to get registered as a certified public accountant
in accordance with Article 7 (1) of the Act shall submit to the Financial
Services Commission a registration form accompanied by the following docu-
ments: <AmendedbyPresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecree
No. 20653, Feb. 29, 2008>
1. A copy of passing certificate provided for in Article 8; and
2. A statement certifying the completion of training, prescribed in Article
12, save for those who fall under each subparagraph of Article 6 (1)
of the Act.
(2) Where the Financial Services Commission receives an application for
registration prescribed in paragraph (1), it shall have the applicant regis-
tered on certified public accountants register without delay and deliver
the registration certificate to the applicant. <AmendedbyPresidentialDecree
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제20편 재정․경제일반 공인회계사법 시행령
No. 15748, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29, 2008>
(3) A person who has been registered as a certified public accountant,
wherethere are changes in registered matters, shall file forthwith a report
on such changes with the Financial Services Commission. <Amended by
PresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecreeNo.20653,Feb.29,2008>
Article 11 (Renewal of Registration)
(1) Pursuant to Article 7 (4) of the Act, a person who has been registered
as a certified public accountant shall have his registration renewed every
five years. <Amended by Presidential Decree No. 19374, Mar. 10, 2006>
(2) A person who wishes to get his registration renewed under para graph
(1), shall submit an application form for the renewal of registration of
a certified public accountant to the Financial Services Commission not
later than 30 days prior to the date on which five years have elapsed
from the date of registration. <Amended by Presidential Decree No. 15748, Apr.
1, 1998; Presidential Decree No. 20653, Feb. 29, 2008>
Article 12 (In-service Training)
(1) Pursuant to Article 7 (1) of the Act, in-service training shall be ad-
ministered by any of the following institutions for one year or more: <Amended
by Presidential Decree No. 15748, Apr. 1, 1998; Presidential Decree No. 16846, Jun. 23,
2000; Presidential Decree No. 17238, Jun. 18, 2001; Presidential Decree No. 18352, Apr.
1,2004;PresidentialDecreeNo.19374,Mar.10,2006;PresidentialDecreeNo.20653,Feb.
29, 2008; Presidential Decree No. 20947, Jul. 9, 2008>
1. An accounting corporation;
1-2. An audit team under Article 3 (1) 3 of the Act on External Audit
of Stock Companies;
2. The Institute of Certified Public Accountants;
3. The Financial Supervisory Service (limited to a division or section
taking charge of services relating to external auditing under the Act
on External Audit of Stock Companies, or general functions of finance
management of stock-listed corporations); and
4. Other institutions determined by the Financial Services Commission,
through recommendation by the Institute of Certified Public Accoun-
tants.
(2) Deleted. <by Presidential Decree No. 18352, Apr. 1, 2004>
(3) In computing the period of in-service training under paragraph (1)
which a person who has completed at two institutions or more (including
the course of training under paragraph (5)), the periods of in-service training
at each such institution shall be aggregated. <AmendedbyPresidentialDecree
No. 18352, Apr. 1, 2004>
(4) The Institute of Certified Public Accountants shall have responsibility
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to administer the matters relating to in-service training and determine the details, methods, and procedures of in-service training,
the aggregate
computation of in-service training periods, and other necessary matters with approval from the Financial Services Commission.
<Amended by
PresidentialDecreeNo.18352,Apr.1,2004;PresidentialDecreeNo.20653,Feb.29,2008> (5) The Institute of Certified Public Accountants may establish a separate course of in-service training for the persons who fail to receive in-service
training at the establishments as referred to in paragraph (1), and in that case, the Financial Services Commission may provide a financial sup- port for the expenses, etc. required for operating such course of in-service training, in accordance with Article 7 (2) of the Act. <AmendedbyPresidential
Decree No. 18352, Apr. 1, 2004; Presidential Decree No. 20653, Feb. 29, 2008>
Article 13 (Coverage of Liability for Compensation)
(1) A certified public accountant (excluding certified public accountants
belonging to accounting corporations; hereafter the same shall apply in
this Article) who has registered pursuant to Article 7 of the Act shall,
where he has made a business registration under Article 5 of the Value-Added
Tax Act in order to perform the duties under Article 2 of the Act, take
measures to cover liability for compensation exceeding 50 million won for
each certified public accountant in any of the following manners within
15 days from the date of business registration and file a report on such
fact with the Institute of Certified Public Accountants, along with docu-
mentary evidences: <Amended by Presidential Decree No. 17238, Jun. 18, 2001;
Presidential Decree No. 19374, Mar. 10, 2006>
1. Purchase of insurance; and
2. Joining in the mutual benefits projects operated by the Institute of
Certified Public Accountants so as to cover liability for compensation
under Article 19 of the Act.
(2) A certified public accountant who has purchased insurance in accord-
ance with paragraph (1) shall take measures to cover liability for compen-
sation specified in any subparagraphs of paragraph (1) by the date of
payment in case where the compensation concerned has been paid for
reasons of occurrences of grounds for compensation, or by the expiry of
insurance period in case where the period of insurance has been elapsed,
and shall file reports with the Institute of Certified Public Accountants
within 15 days from the date on which such measures are taken.
(3) Where the Institute of Certified Public Accountants disburses the com-
pensation owed by a certified public account for his liability for compensa-
tion from funds established by mutual benefits projects, the certified public
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
accountant who has subscribed to mutual benefits projects shall pay the sum of money accountable for the disbursement for compensation
or take
measures provided for in paragraph (1) 1 to cover liability for compensation by the date on which the Institute of Certified Public
Accountants disburses the compensation and file reports with the Institute of Certified Public Accountants within 15 days from the
date on which such measures are taken.
(4) Requirements for, procedures for, repayment of payment out of funds
established by mutual benefits projects, or matters necessary for mutual
benefits projects other than those provided for in paragraphs (1) through
(3) shall be determined by the Institute of Certified Public Accountants.
Article 14 (Restrictions on Functions)
(1) The term person as prescribed by the Presidential Decree in Article
21 (1) 3 of the Act means a person falling under any of the following
subparagraphs who has a relationship with either a certified public account-
ant or his spouse: <AmendedbyPresidentialDecreeNo.17238,Jun.18,2001;Presidenti-
al Decree No. 18352, Apr. 1, 2004; Presidential Decree No. 19374, Mar. 10, 2006>
1. A person whose stocks or contributed shares are owned by a certified
public accountant or his spouse;
2. A person who has a credit or obligation worth not less than 30 million
won against a certified public accountant or his spouse: Provided,
That the credit or obligation falling under any of the following items
shall be excluded:
(a) The credit directly connected with the service of the certified public
accountant pursuant to the provisions of Article 2 of the Act;
(b) The credit, such as deposit, installment savings within the extent
of the amount protected in accordance with the Depositor Protection
Act;
(c) The credit, such as membership, license to a facility, which has
been purchased in accordance with the standard stipulation or at
a normal price;
(d) The credit, such as retirement pension pursuant to the Guarantee
of Workers Retirement Benefits Act;
(e) The obligation established after supplying collateral in accordance
with the normal procedures, such as a loan secured against house,
a loan secured against saving, etc. which have been extended by
the institutions pursuant to the provisions of Article 38 of the Act
on the Establishment, etc. of Financial Services Commission;
(f) The obligation that has not been overdue from among the obligations
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제20편 재정․경제일반 공인회계사법 시행령
with the date of payment not longer than 2 months following the use of credit card pursuant to the provisions of subparagraph 3
of Article 2 of the Specialized Financial Credit Business Act; or
(g) The credit or obligation occurred involuntarily from merger, inher-
itance or lawsuit, etc. during the period of audit;
3. A person who rents office premises to a certified public accountant
without charging rents or for such rent as is considerably low compared
to normal transaction prices;
4. A person who continues to remunerate a certified public accountant
or to provide other special economic benefits with him for his services
other than for what are considered as normal services by certified
public accountants; and
5. A person who has provided or committed to provide the stocks of his
own firm, bonds with warrant, convertible bonds, or stock options to
a certified public accountant as a price for rendering the services under
Article 2 of the Act.
(2) The term business that is prescribed by the Presidential Decree in
Article 21 (2) 4 of the Act means the business (hereinafter referred to
as the business of actual inspection, etc. ) of actual inspection, financial
report, and valuation of assets, capital, and other rights (including those
not indicated in financial statements; hereinafter referred to as the assets,
etc. ) of a specific company and any other business of presenting any opinion
on the appropriateness of the transactions of the assets, etc. and other
contracts therefor, for the purposes of selling the whole or part of the
assets, etc. <NewlyInsertedbyPresidentialDecreeNo.18352,Apr.1,2004;Presidential
Decree No. 19374, Mar. 10, 2006>
(3) Where a council of creditors has been organized for the purpose of
collecting bad credits, the business of actual inspection, etc. carried out
by the members of the council of creditors (hereinafter referred to as
the members ) for the purpose of joint sale of assets, etc. which had
been acquired through conversion into investment or proffer of collateral,
etc. by the largest stockholder may be carried out by a certified public accountant, notwithstanding the provisions of paragraph (2):
Provided,
That the certified public accountant falling under any of the following
subparagraphs shall be excluded: <Newly Inserted by Presidential Decree No.
19374, Mar. 10, 2006>
1. The certified public accountant rendering the service of auditing or
identifying the members who have charge of the service of joint sale
of assets, etc.;
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
2. The certified public accountant rendering the service of auditing or identifying the members who have 50/100 or more of the
assets, etc.
that are intended for joint sale; or
3. The certified public accountant who renders the service of auditing
or identifying the members whose sum total of the assets, etc. in pos-
session are 50/100 or more of the assets, etc. intended for joint sale.
(4) The term procedures prescribed by the Presidential Decree in Article
21 (3) of the Act means procedures that a certified public accountant consults
with an auditor (including the audit committee under Article 415-2 of
the Commercial Act; hereafter in this Article referred to as the auditor,
etc. ) of a company about its business prior to the conduct of any other
business than those as referred to in any subparagraph of Article 21 (2)
of the Act and seeks a consent of the auditor, etc. to such business as
having the potential for causing the conflict of interest. <NewlyInsertedby
Presidential Decree No. 18352, Apr. 1, 2004>
(5) With respect to the business dealt with pursuant to the procedures
as referred to in paragraph (3), the certified public accountant concerned
shall put on record the matters about which he has consulted with the
auditor, etc. and to which he has obtained a consent from the auditor,
etc., and keep it for 8 years. <Newly InsertedbyPresidential DecreeNo. 18352,
Apr. 1, 2004>
CHAPTER Ⅳ ACCOUNTING CORPORATION, ETC.
Article 15 (Registration of Accounting Corporation)
(1) A person wishing to register an accounting corporation pursuant to
Article 24 (1) of the Act, shall submit an application for the registration
of an accounting corporation to the Financial Services Commission along
with documents of the following subparagraphs: <Amended by Presidential
DecreeNo.15748,Apr.1,1998;PresidentialDecreeNo.17238,Jun.18,2001;Presidential
Decree No. 20653, Feb. 29, 2008>
1. Articles of incorporation;
2. Resume of the representative director;
3. Documents indicating registration number and date of directors and
member accountants;
4. Documents certifying payment of capital (a certificate of payment of
capital issued by banks or other financial institutions in case of monetary
contribution; and a certificate of performance and an appraisal sheet
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
issued by authorized appraisal institution in case of proprietary con- tribution);
5. Business plans and budgetary document; and
6. Documents indicating places in which main or branch offices are to
be located.
(2) The Financial Services Commission shall issue a certificate of registra-
tion of an accounting corporation to a person who has made a registration
therefor under paragraph (1). <AmendedbyPresidentialDecreeNo.15748,Apr.
1,1998;PresidentialDecreeNo.17238,Jun.18,2001;PresidentialDecreeNo.20653,Feb.
29, 2008>
Article 15-2 (Restriction on Functions of Accounting Corporation)
(1) The term person prescribed by the Presidential Decree in Article
33 (1) 3 of the Act means a person falling under any of the following
subparagraphs: <Amended by Presidential Decree No. 19374, Mar. 10, 2006>
1. A person who employs the staff member of an accounting corporation
in charge of the business of auditing or certifying his financial statements,
etc. or his spouse within the past one year as his officer or other equivalent
thereto (including a staff member in charge of his financial affairs);
2. A person who has credits or obligations worth not less than 100 million
won against an accounting corporation. In this case, the proviso to
Article 14 (1) 2 shall apply mutatismutandisto the accounting corpo-
ration; or
3. A person who has the relation as referred to in Article 14 (1) 3 through
5 with an accounting corporation.
(2) The provisions of Article 14 (2) through (5) shall apply mutatismutan-
disto accounting corporations. In this case, a certified public accountant<.. image removed ..>
shall be deemed an accounting corporation . <AmendedbyPresidentialDecree
No. 19374, Mar. 10, 2006>
[This Article Newly Inserted by Presidential Decree No. 18352, Apr. 1, 2004]
Articles 16 through 18 Deleted. <by Presidential Decree No. 17238, Jun. 18, 2001>
Article 19 (Maintenance of Capital)
The term amount determined by the Presidential Decree in Article 27
(2) of the Act means 500 million won. <Amended by Presidential Decree No.
17238, Jun. 18, 2001>
Article 20 (Accumulation of Compensation Reserve)
(1) Pursuant to Article 28 (1) of the Act, an accounting corporation shall
reserve the amount accountable for two percent of the turnover of the
present business year in each business year for compensation reserve.
(2) Under paragraph (1), an accounting corporation shall reserve the
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compensation reserve until it reaches the amount accountable for an av-
erage of 10 percent of the turnover of the two preceding business years
and the present business year.
(3) Where an accounting corporation exercises indemnity against liabil-
ity of a director or a member accountant for payment out of compensation reserve, it shall add the indemnity amount to the compensation
reserve.
Article 21 (Limited Contribution, etc. in Other Corporations)
The aggregate amount of contributions into other corporations and secu- rity for liability of other persons by an accounting corporation
provided for in Article 29 (1) of the Act shall not exceed the amount accountable for 25 percent (10 percent of its own equity in
case of the amount of se- curing liability of other persons) of its own equity provided for in Article
29 (2) of the Act (referred to as its own equity ; hereafter the same shall apply in this Article): Provided, That where the amount computed by the reduction of the compensation reserve out of its own equity exceeds
500 million won, the amount not exceeding 50 percent thereof may be contributed into other corporations. <AmendedbyPresidentialDecreeNo.17238,
Jun. 18, 2001>
Article 22 (Branch Office)
An accounting corporation which establishes branch offices pursuant to Article 32 (1) of the Act shall have three or more full-time certified public accountants for each branch office.
[This Article Wholly Amended by Presidential Decree No. 16846, Jun. 23, 2000]
Article 23 (Management or Operation of Deposits)
(1) Where an accounting corporation, pursuant to Article 37 (3) of the Act, deposits a sum of money accountable for the compensation
reserve (hereinafter referred to as deposits ) with the Institute of Certified Pub- lic Accountants, deposits shall be placed
with the designation of a di-
rector to whom deposits shall be refunded (hereinafter referred to as the<.. image removed ..> depositor ), and with the determination of the amount of deposits: Pro- vided, That if an accounting corporation which remains or is created after an accounting corporation is dissolved because of merger
succeeds the compensation reserve of the dissolved accounting corporation, de- posits shall be deemed to have been placed
in accordance with Article
37(3) of the Act.
(2) In case of deposits under the main sentence of paragraph (1), a de-
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
positor shall be a director at the time of dissolution, and the sum of
money shall be computed by the rate of contribution at the time of dis- solution.
(3) The Institute of Certified Public Accountants shall maintain sepa-
rate accounts of deposits from its other assets by identifying depositors. (4) Where a person suffering damage applies for payment
of deposits
to the Institute of Certified Public Accountants for reasons of final judg-
ment of compensation or judicial settlement (including the cases in which disputing parties accept conciliatory proposals in
accordance with Ar-
ticle 29 (3)), together with documentary evidences of such reasons, pay-
ments not exceeding deposits by each depositor shall be made within a month from the date of application.
(5) The Institute of Certified Public Accountants shall save deposits
under paragraph (1) into banks or other financial institutions, or man- age or operate them by purchasing government bonds or other
corporate
bonds by which the principal is promised to be guaranteed.
(6) The Institute of Certified Public Accountants shall refund the re- maining sum of money out of deposits to depositors
three years after
the date on which deposits are made (hereinafter referred to as the re-
fund date ): Provided, That where judicial actions are pending with re-
spect to liability for compensation under Article 28 of the Act as of the refund date, the remaining sum shall be refunded after payments
out of deposits by a final judgment of such actions. <Amended by Presidential De-
cree No. 15748, Apr. 1, 1998>
(7) Matters necessary for management of deposits other than those pro- vided for in paragraphs (1) through (6) shall be determined by the In- stitute of Certified Public Accountants.
CHAPTER Ⅴ KOREAN INSTITUTE OF
C E R T I F I E D P U B L I C ACCOUNTANTS
Article 24 (By-laws)
By-laws of the Institute of Certified Public Accountants shall contain each of the following subparagraphs:
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1. Denomination and place of headquarters;
2. Matters relating to the establishment of branch office;
3. Matters relating to appointment of officers and their functions;
4. Matters relating to admission and withdrawal of members;
5. Matters relating to composition, functions and duties, meetings of gen- eral meetings of members, board of directors, ethics committee,
other
bodies;
6. Matters relating to supervision of services by members;
7. Matters relating to discipline;
8. Matters relating to professional ethics, rights and obligations of mem- bers;
9. Matters relating to membership dues;
10. Matters relating to accounting and assets;
11. Matters relating to training of members;
12. Matters relating to mutual benefits projects to cover liability for compen-
sation of members; and
13. Matters relating to organization of the Institute of Certified Public
Accountants.
Article 25 (Officers and Directors)
(1) There shall be officers and directors at the Institute of Certified Public
Accountants as follows:
1. A chairman;
2. Five vice-chairmen or less;
3. Fifteen directors or less; and
4. Two auditors.
(2) There shall be at least one full-time vice-chairman and at least one full-time director from among such officers and directors
as provided in paragraph (1).
Article 26 (Notification, etc. of Holding of General Meetings)
(1) Where the Institute of Certified Public Accountants wishes to hold general meetings, it shall notify the Financial Services Commission
of date
and time, place and agenda of general meetings not later than a week
prior to the date on which the general meetings are to be held. <Amended
by Presidential Decree No. 15748, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29,
2008>
(2) In case where the Institute of Certified Public Accountants holds general
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
meetings in accordance with paragraph (1), it shall notify forthwith the
Financial Services Commission of results of such general meetings. <Amended
by Presidential Decree No. 15748, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29,
2008>
Article 27 (Composition, etc. of Disputes Conciliation Commission)
(1) The Disputes Conciliation Commission referred to in Article 45 (2)
of the Act (hereafter referred to as the Dispute Conciliation Commission in this Chapter) shall be composed of seven members including
a chairman.
<Amended by Presidential Decree No. 16846, Jun. 23, 2000>
(2) The full-time vice chairman of the Institute of Certified Public
Accountants shall be designated by the president of the Institute of Certified Public Accountants as the chairman, and members shall
be appointed by the president of the Institute of Certified Public Accountants from among
the following persons: <Amended by Presidential Decree No. 15748, Apr. 1, 1998;
PresidentialDecreeNo.17238,Jun.18,2001;PresidentialDecreeNo.19374,Mar.10,2006; Presidential Decree No. 19958, Mar. 27, 2007>
1. A person who is recommended by the Governor of the Financial Supervi-
sory Service from among its assistant vice-governors;
2. A person who is recommended by the heads of associations whose mem- bers are stock-listed corporations and which were established
under
Article 181 (1) of the Securities and Exchange Act from among their officers and directors;
3. One officer of a consumer organization registered with the Fair Trade
Commission pursuant to Article 29 of the Framework Act on Consumers;
4. An attorney at law;
5. A university professor; and
6. A certified public accountant of not less than 10 years practice ex- perience.
(3) The term of office of the chairman and members shall be two years
and renewable.
(4) Any decision at meetings of the Dispute Conciliation Commission shall be made with the attendance of four or more members and
with concurrent
vote of a majority of those present. <AmendedbyPresidentialDecreeNo.16846,
Jun. 23, 2000>
(5) Matters necessary for the operation of the Dispute Conciliation Commis- sion other than those provided for in paragraphs (1) through
(3) shall
be determined by the Dispute Conciliation Commission. <Amended by
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Presidential Decree No. 16846, Jun. 23, 2000>
Article 28 (Request for Conciliation)
(1) Pursuant to Article 45 (1) of the Act, disputing parties may request the president of the Institute of Certified Public Accountants
to provide conciliation.
(2) Pursuant to paragraph (1) above, a person wishing to make a request for conciliation shall submit a request, in writing, for conciliation
to the
Institute of Certified Public Accountants, together with each document of the following subparagraphs:
1. Documents evidencing grounds of request for conciliation and facts there-
of;
2. Power of attorney in the case of request by an agent; or
3. Other evidential documents and materials necessary for conciliation. (3) Forms of request for conciliation under paragraph
(2) above shall
be determined by the Institute of Certified Public Accountants.
Article 29 (Procedures for Conciliation of Disputes)
(1) In the case of request for conciliation, under Article 28 (1) above, the president of the Institute of Certified Public Accountants may notify the disputing parties of content of the request and encourage them to reach an agreement, and shall immediately refer it to the Dispute Conciliation Commission unless an agreement is made within 30 days from the date on which the request is made. <AmendedbyPresidentialDecree
No. 16846, Jun. 23, 2000>
(2) Where one of the disputing parties commences an action before the
court during conciliation proceedings, the president of the Institute of Certified Public Accountants shall suspend the proceedings
despite par- agraph (1) and notify the parties of it.
(3) In the event that the Dispute Conciliation Commission prepares con- ciliatory proposals, the president of the Institute of Certified
Public Accountants may present such conciliatory proposals to the requesting
persons and the party concerned, and recommend them to accept such proposals. <Amended by Presidential Decree No. 16846, Jun. 23, 2000>
(4) The Dispute Conciliation Commission, where it deemed necessary to
hold hearings of the disputing parties or other interested persons, may re quest them to appear and present their views. <AmendedbyPresidential
Decree No. 16846, Jun. 23, 2000>
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
(5) The disputing parties or other interested persons may appear before
the Dispute Conciliation Commission and present their views. <Amended
by Presidential Decree No. 16846, Jun. 23, 2000>
(6) Pursuant to paragraphs (4) and (5), a person wishing to present
his views may appoint his agent to appear and present his views.
(7) Matters necessary for dispute settlement procedures other than those specified in paragraphs (1) through (6) shall be determined
by the Dispute
Conciliation Commission. <AmendedbyPresidentialDecreeNo.16846,Jun.23,2000>
CHAPTER Ⅵ DISCIPLINE
Article 30 (Disciplinary Tribunal)
A Certified Public Accountants Disciplinary Committee (hereinafter refer- red to as the Disciplinary Committee ) shall be established
in the Financial
Services Commission, pursuant to Article 48 of the Act. <Amended by
PresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecreeNo.16846,Jun.23,2000; Presidential Decree No. 20653, Feb. 29, 2008>
Article 31 (Composition of Disciplinary Committee)
(1) The Disciplinary Committee shall be composed of seven members includ- ing a chairman. <Amended by Presidential Decree No. 16846, Jun. 23, 2000>
(2) The chairman shall be designated by the Chairman of the Financial
Services Commission from among public officials belonging to the Financial Services Commission, and the members shall be composed
of the following persons: <AmendedbyPresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecree
No.16846,Jun.23,2000;PresidentialDecreeNo.19374,Mar.10,2006;PresidentialDecree
No. 20653, Feb. 29, 2008>
1. Each person nominated, upon the request of the Chairman of the
Financial Services Commission, by the Chairman of the Board of Audit and Inspection and the Minister of Legislation from among public
officials
of Grade Ⅲ or higher belonging to such Board and such Ministry;
2. One person nominated by the Chairman of the Financial Services
Commission from among public officials of Grade Ⅲ or higher belonging to the Financial Services Commission;
3. One person nominated by the president of the Institute of Certified
Public Accountants from among full-time vice-presidents of such Insti- tute;
4. One of non-stsanding members of the Securities Futures Commission
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under the Act on the Establishment, etc. of Financial Services
Commission (hereinafter referred to as the Securities Futures Commis-
sion ); and
5. One person nominated, upon the request of the Chairman of the Financial
Services Commission, by the Minister of Strategy and Finance from among public officials of Grade Ⅲ or higher belonging to such
Ministry.
Article 32 (Chairman)
(1) The chairman shall control general matters of meetings of the Discipli- nary Committee, represent it, and call and preside over the meetings thereof.
<Amended by Presidential Decree No. 16846, Jun. 23, 2000>
(2) Where the chairman is incapable of performing functions due to un-
avoidable causes, a member nominated by the chairman shall act for the chairman: Provided,That where the chairman is incapable of nominating
his substitute to act for him for unavoidable reasons, the member nominated by the Financial Services Commission shall act for the
chairman. <Amended
by Presidential Decree No. 15748, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29,
2008>
Article 33 (Request for Disciplinary Decisions)
(1) Where the Financial Services Commission deems there are reasons falling under each of subparagraph of Article 48 (1) of the Act, it shall make a request, in writing, to the Disciplinary Committee, along with the documentary evidences. <Amendedby Presidential DecreeNo. 15748, Apr. 1,
1998; Presidential Decree No. 16846, Jun. 23, 2000; Presidential Decree No. 20653, Feb.
29, 2008>
(2) Upon the request under paragraph (1), the Disciplinary Committee
shall notify forthwith the person to whom allegations are made. <Amended
by Presidential Decree No. 16846, Jun. 23, 2000>
Article 34 (Time-limit for Disciplinary Decisions)
In the case of request for disciplinary decisions, the Disciplinary Committee shall make a disciplinary decision within 30 days from
the date on which the request is made: Provided, That if there are unavoidable causes, the
period may be extended within 30 days through a decision of the Disciplinary
Committee. <Amended by Presidential Decree No. 16846, Jun. 23, 2000>
Article 35 (Decisions of Disciplinary Committee)
Any decision at meetings of the Disciplinary Committee shall be made with the attendance of not less than four members and with concurrent vote of a majority of the members present. <AmendedbyPresidentialDecree
No. 16846, Jun. 23, 2000>
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
Article 36 (Exclusion or Challenge)
(1) A member of the Disciplinary Committee who is relatives of a person to whom allegations are made, or who is involved in grounds of discipline shall not take part in the deliberation of subjects of discipline. <Amended
by Presidential Decree No. 16846, Jun. 23, 2000>
(2) Where a person to whom allegations are made deems a member of
the Disciplinary Committee is likely to be under justifiable doubts as to reliable decisions, he may make a request for challenging
the member, together with statements attesting reasons of such request. <Amendedby
Presidential Decree No. 16846, Jun. 23, 2000>
(3) Where there is a request for challenging a member of the Disciplinary
Committee pursuant to paragraph (2), the Disciplinary Committee shall make a decision as to whether or not the member shall be challenged.
In this case, the challenged member may not take part in making such decision. <Amended by Presidential Decree No. 16846, Jun. 23, 2000>
Article 37 (Notification, etc. of Disciplinary Decisions)
(1) In making a disciplinary decision against a person to whom allegations are made, the Disciplinary Committee shall notify forthwith the Financial Services Commission of such decisions, together with reasoned statements.
<AmendedbyPresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecreeNo.16846, Jun.23,2000;PresidentialDecreeNo.17238,Jun.18,2001;PresidentialDecreeNo.20653, Feb. 29, 2008>
(2) Where the Financial Services Commission has taken a disciplinary
action pursuant to a decision of the Disciplinary Committee, it shall notify forthwith in writing, which clarifies the reasons for
the disciplinary action, the president of the Institute of Certified Public Accountants and the chair- man of the Securities Futures
Commission, respectively. <Newly Inserted
byPresidential DecreeNo.17238,Jun.18, 2001; PresidentialDecreeNo. 20653,Feb.29,
2008>
CHAPTER Ⅶ SUPPLEMENTARY PROVISIONS
Article 38 (Entrustment of Services)
(1) Pursuant to Article 52 (2) of the Act, the duties of the Financial Services
Commission pursuant to Articles 7 through 9, and 30 (2) of the Act, Articles
10 and 11 of this Decree, shall be entrusted with the Institute of Certified
Public Accountants. <Amended by Presidential Decree No. 15748, Apr. 1, 1998;
PresidentialDecreeNo.17238,Jun.18,2001;PresidentialDecreeNo.20653,Feb.29,2008>
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(2) Pursuant to Article 52 (2) of the Act, duties of the Financial Services
Commission as to discipline pursuant to Article 48 (2) 3 and 4 from among
those duties pursuant to Article 48 (1) of the Act shall be entrusted with
the Institute of Certified Public Accountants. In these circumstances, a
decision-making body replacing the Certified Public Accountants
Disciplinary Committee shall be the Ethics Committee pur suant to subpara-
graph 5 of Article 24. <Amended by Presidential Decree No. 15748, Apr. 1, 1998;
Presidential Decree No. 20653, Feb. 29, 2008>
(3) Where the Institute of Certified Public Accountants performs entrusted
duties pursuant to paragraph (2), the provisions of Articles 33 through
37 shall apply mutatismutandis. In these circumstances, the term the
Chairman of the Financial Services Commission in Article 33 shall be
deemed as the president of the Institute of Certified Public Accountants ,
the term not less than four in Article 35 as a majority , the term the
Committee in Articles 33 through 37 as the Ethics Committee , re-
spectively. <AmendedbyPresidentialDecreeNo.15748,Apr.1,1998;PresidentialDecree
No. 20653, Feb. 29, 2008>
(4) A person who is dissatisfied with the disciplinary action taken by the
Institute of Certified Public Accountants may request it to reopen hearings.
(5) Where the Financial Services Commission deems that disciplinary ac-
tion taken by the Institute of Certified Public Accountants is unreasonable,
it may request such Institute to reopen hearings, or may request the Certified
Public Accountants Disciplinary Committee to revoke such disciplinary
action and make a new disciplinary decision. <AmendedbyPresidentialDecree
No. 15748, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29, 2008>
(6) Pursuant to Article 52 (3) of the Act, the following duties from among
duties of the Financial Services Commission relating to examinations pur-
suant to Article 5 of the Act, and services of the Financial Services
Commission pursuant to Article 30 (3) of the Act shall be entrusted with
the Governor of the Financial Supervisory Service: <AmendedbyPresidential
Decree No. 15748, Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29, 2008>
1. Delivery and receipt of application for attempting examinations; or
2. Administration of examinations and ancillary services thereof.
(7) As respects entrusted duties pursuant to paragraph (1), (2), or (6),
both the Institute of Certified Public Accountants and the Governor of
the Financial Supervisory Service shall notify the Financial Services
Commission of the results thereof. <AmendedbyPresidentialDecreeNo.15748,
Apr. 1, 1998; Presidential Decree No. 20653, Feb. 29, 2008>
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
CHAPTER Ⅷ LEVY AND COLLECTION OF
PENALTY SURCHARGE
Article 39 (Criteria, etc. for Levy of Penalty Surcharge)
(1) Where the Financial Services Commission levies a penalty surcharge under Article 52-2 of the Act, it shall comply with the criteria falling under any of the following subparagraphs: <Amendedby Presidential Decree
No. 20653, Feb. 29, 2008>
1. The amount equivalent to 70/100 of the maximum amount of penalty
surcharge as stipulated in Article 52-2 (1) of the Act (hereafter referred
to as the maximum amount of penalty surcharge in this Article) shall be levied as a penalty surcharge, in case where the amount
of error
or ommission due to the relevant offenses is in excess of the amount
under the following items:
(a) Accounting corporation: 40/100 of the gross value of assets of a firm subject to auditing or certification; and<.. image removed ..>
(b) Certified public accountant: 20/100 of the gross value of assets of a firm subject to auditing or certification;
2. The amount equivalent to 60/100 of the maximum amount of penalty
surcharge shall be levied as a penalty surcharge, in case where an offense falls under any of the following items: Provided,That this shall
not apply to the case where the offense falls under subparagraph 1: (a) Where the offense subject to the levy of penalty surcharge
is commit-
ted during the last 3 years over 3 times in case of an accounting
corporation, and over twice in case of a certified public accountant;
and
(b) Where the scale of profits acquired due to the relevant offenses is in excess of 500 million won in case of an accounting
corporation,
and in excess of 100 million won in case of a certified public account-
ant; and
3. In other cases than subparagraphs 1 and 2, the amount equivalent to not less than 20/100 and less than 60/100 of the maximum amount
of penalty surcharge shall be levied as a penalty surcharge.
(2) The amount of penalty surcharge computed under paragraph (1) may be weighted or mitigated within the limit of one half of the
relevant amount
in view of the conditions under each subparagraph of Article 52- 2 (2)
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of the Act: Provided, That the gross amount of penalty surcharge shall
not exceed the maximum amount of penalty surcharge even where it is weighted.
(3) Where the Financial Services Commission levies a penalty surcharge under Article 52-2 of the Act, it shall notify in writing of
the payment of penalty surcharge, clarifying the type of the relevant offense and the amount of such penalty surcharge. <AmendedbyPresidentialDecreeNo.20653,
Feb. 29, 2008>
(4) Any person in receipt of notification under paragraph (3) shall pay
the penalty surcharge within 60 days from the date of receiving such notifica- tion to a collecting agent designated by the Financial
Services Commission.
<Amended by Presidential Decree No. 20653, Feb. 29, 2008>
[This Article Newly Inserted by Presidential Decree No. 17238, Jun. 18, 2001]
Article 40 (Extension of Time of Payment and Installment Payment) (1) An extension of time of payment under Article 52-4 (1) of the Act shall not exceed one year from the day next to that of payment.
(2) In case where granting an installment payment under Article 52-
4 (1) of the Act, an interval between each time of installment payment shall be for not more than 6 months, and the frequency of installment
shall be not more than 3 times.
(3) Matters necessary for the extension of time of payment or a written application for an installment payment under Article 52-4
(2) of the Act shall be determined by Ordinance of the Prime Minister. <Amended by
Presidential Decree No. 20653, Feb. 29, 2008>
[This Article Newly Inserted by Presidential Decree No. 17238, Jun. 18, 2001]
Article 41 (Additional Dues)
The term additional dues as prescribed by the Presidential Decree in Article 52-5 (1) of the Act means the amount computed by multiplying the delinquent penalty surcharge by 6/100 per annum.
[This Article Newly Inserted by Presidential Decree No. 17238, Jun. 18, 2001]
Article 42 (Urging)
(1) The urging under Article 52-5 (2) of the Act shall be made in writing within 15 days after the expiry of the payment term.
(2) The payment term of delinquent penalty surcharge shall, in case of issuing an urging notice under paragraph (1), be within
10 days from the date of issuing such notice.
[This Article Newly Inserted by Presidential Decree No. 17238, Jun. 18, 2001]
Article 43 (Entrustment of Disposition for Arrears)
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
(1) Where the Financial Services Commission entrusts the Commissioner
of the National Tax Service with the duties of disposition for arrears under
Article 52-5 (3) of the Act, it shall do so in writing along with the documents
falling under any of the following subparagraphs: <AmendedbyPresidential
Decree No. 20653, Feb. 29, 2008>
1. Resolution notice of revenue collection and a notice thereof; and
2. Urging notice of payment.
(2) The Commissioner of the National Tax Service shall, where he is en-
trusted with the duties of disposition for arrears under paragraph (1), notify in writing the Financial Services Commission of the
date of completing
such duties and other necessary matters within 30 days from the date
of completing the duties of disposition for arrears. <AmendedbyPresidential
Decree No. 20653, Feb. 29, 2008>
[This Article Newly Inserted by Presidential Decree No. 17238, Jun. 18, 2001]
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Examples of Application as to Computation of Duration of
Training)
At the time this Decree enters into force where a person who has passed the certified public accountants second examination administered in accord- ance with the amended provisions of the Enforcement Decree of the Certified Public Accountant Act, Presidential Decree No. 12427, used to work or is working for an establishment designated by the Minister of Finance and Economy pursuant to Article 12 (1), the period of his em ployment shall be included in the duration of training. In this circumstances, he must undergo training for not less than hours determined by the Institute of Certified Public Accountants pursuant to the amended provisions of Article 12 (5) at an accounting training institute under Article 46 (2) of the Act.
Article 3 (Examples of Application as to Accumulation of Compensation
Reserve)
The amended provisions of Article 20 (1) above shall apply to the turnover of a business year which commences first after this Act takes effect.
Article 4 (Transitional Measures Relating to Recognition of Qualifica- tion for Certified Public Accountants with Regard to Those who Passed
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제20편 재정․경제일반 공인회계사법 시행령
Certified Public Accountants Second Examination Administered Prior to 1988)
(1) A person who passed the certified public accountants second ex-
amination administered prior to the entry into force of the amended
provisions of the Enforcement Decree of the Certified Public Accountant
Act, Presidential Decree No. 12427 shall be recognized as qualified to
act as certified public accountants, limited to each of the following sub-
paragraphs:
1. Where he passed tests on tax law and finance management from
among subjects of the second examination which are set out in Table
2: Provided, That if he is qualified to act as a certified tax consul-
tant or falls within the category under Article 5-2 (2) of the Certi-
fied Tax Accountant Act, he shall be exempt from test on tax law; or
2. Where he accomplished training as to tax law and finance manage-
ment from among subjects of the second examination set out in Table
2 for not less than 100 hours in each subject at the accounting train-
ing institute pursuant to Article 46 (2) of the Act, and scored not
less than 60 marks in each paper on tax law and finance management
administered by the accounting training institute: Provided, That if
he is qualified to act as certified tax consultant or falls within the
category under Article 5-2 (2) of the Certified Tax Accountant Act,
he is exempt from test and examination on tax law.
(2) Tests, pursuant to paragraph (1) 1, shall be administered at the
same time as the certified public accountants second examination, and
the text of Article 3 (2) and the amended provisions of Articles 7 through
9 shall apply to procedures on attempting the examination and the de-
termination of passing candidates.
Article 5 (Transitional Measures as to Computation of Duration of
Training)
The period of training during which a person who passed the certified public accountants second examination administered prior to the entry into force of the amended provisions of the Enforcement Decree of the Certified Public Accountants Act, Presidential Decree No. 12967 has ob- tained training after he got registered on trainee certified public accoun- tants register shall be included in the duration of training, prescribed in the amended provisions of Article 12 (2).
Article 6 (Transitional Measures as to Security Measures for Compen- sation)
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
At the time this Decree enters into force a certified public accountant
who filed reports as to the commencement of practicing shall take mea-
sures to secure compensation pursuant to the amended provisions of Ar-
ticle 13 on July 15, 1997, despite the amended provisions of Article 13
(1), and file reports as to this with the Institute of Certified Public Ac-
countants.
Article 7 (Transitional Measures as to Accounting Firm)
An accounting firm at the time of implementation of this Decree shall submit documents specified in each subparagraph of the amended pro- visions of Article 15 (1) and a copy of register containing each content of subparagraph of the amended provisions of Article 16 (2) with the Minister of Finance and Economy on December 31, 1997.
Article 8 (Transitional Measures as to Maintenance of Capital)
In the case in which the amended provisions of Article 19 apply with re- gard to an accounting firm established by Article 5 (3) of the Addenda of the Act, the amount which is to be determined on December 31, 1999 in accordance with the Presidential Decree shall be 500 million won.
Article 9 (Transitional Measures as to Limited Contributions into Other
Corporations)
At the time this Decree enters into force, an accounting firm who has exceeded limits of contribution pursuant to the amended provisions of Article 21 shall satisfy the limits on December 31, 1998.
Article 10 (Transitional Measures as to Certified Public Accountants
Disciplinary Committee)
At the time this Decree enters into force, members of the Certified Pub- lic Accountants Disciplinary Committee pursuant to the former provi- sions shall be deemed to be members of the Certified Public Accountants Disciplinary Committee pursuant to this Decree. In these circumstances, the terms of office shall commence from the date on which the terms of office starts in accordance with the former provisions.
Article 11 (Transitional Measures as to Extent of Functions of Overseas
Certified Public Accountants)
As respects the extent of functions and title of an overseas certified pub- lic accountant who got approved by the Minister of Finance and Econ- omy as qualified to act as certified public accountant at the time of the implementation of the amended provisions of the Enforcement Decree of<.. image removed ..> the Certified Public Accountant Act, Presidential Decree No. 14231, the provisions of Articles 14 and 15 of the amended provisions of the Enforce-
- 28 -
제20편 재정․경제일반 공인회계사법 시행령
ment Decree of the Certified Public Accountant Act, Presidential Decree
No. 12967 shall apply.
Article 12 (Relationship with Other Acts and Subordinate Statutes)
At the time this Decree enters into force, references in other legislation
to the former Enforcement Decree of the Certified Public Accountant
Act or its provisions, where there are pertinent provisions to them,
shall be construed to include this Decree or relevant provisions thereof
with the effect of replacing the former provisions.
ADDENDUM <Presidential Decree No. 15748, Apr. 1, 1998>
This Decree shall enter into force on April 1, 1998.
ADDENDUM <Presidential Decree No. 16846, Jun. 23, 2000>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 17238, Jun. 18, 2001>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of subpara- graph 1 of Article 14 shall enter into force on January 1, 2002.
(2) (Transitional Measures on Previous Authorization Notice of Estab- lishment of Accounting Corporation) An authorization notice
of estab- lishment of accounting corporation issued to an accounting corporation under previous Article 15 (2) at the time
of enforcement of this Decree shall be regarded as a registration certificate of accounting corporation issued under the amended
provisions of Article 15 (2).
ADDENDUM <Presidential Decree No. 18312, Mar. 17, 2004>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 18352, Apr. 1, 2004>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 2, 2-
2, and 3 shall enter into force on January 1, 2007.
(2) (Applicable Cases concerning Restriction on Functions) The amended
provisions of Articles 14 (2) and 15-2 shall apply with respect to the por-
tion which is contracted on or after the enforcement date of this Decree.
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ENFORCEMENT DECREE OF THE CERTIFIED PUBLIC ACCOUNTANT ACT
ADDENDUM <Presidential Decree No. 19374, Mar. 10, 2006>
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Articles 2 (4), 2-2 (4) and 3 (3) shall enter into force on January 1, 2007.
ADDENDA <Presidential Decree No. 19513, Jun. 12, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2006.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 19880, Feb. 12, 2007>
(1) (Enforcement Date) This Decree shall enter into force on the date of its promulgation.
(2) (Transitional Measures Regarding TOEFL IBT) Where any person has
acquired marks necessary to be a successful applicant at a TOEFL
Internet-based test referred to in the attached Table 3 and has submitted
his test record in accordance with the public announcement of the plan for
holding the 2007 certified public accountants examination before the enforce-
ment of this Decree, he shall be deemed to have passed the test of English
subject referred to in Article 2 (1) and the attached Table 1.
ADDENDA <Presidential Decree No. 19958, Mar. 27, 2007>
Article 1 (Enforcement Date)
This Decree shall enter into force on March 28, 2007. (Proviso Omitted.)
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 20653, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on date of its promulgation. (Proviso
Omitted.)
Article 2 Omitted.
ADDENDA <Presidential Decree No. 20947, Jul. 9, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
Articles 2 through 28 Omitted.
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