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Important Measures

FSC amends "Regulations Governing Establishment of Internal Control Systems by Public Companies"

In order to coordinate with the "Summary of the Auditor Engagement Standards" issued by the Auditing Standards Committee, Accounting Research and Development Foundation (ARDF), and to review current regulations to ensure prompt and full disclosures, the FSC on 15 December 2022 amended the aforementioned Regulations to require that: (a) the ARDF Statements of Assurance Engagements Standards govern the type of auditor's opinion, the format, and the content to be required when auditors are retained to prepare audit reports on companies' internal control systems; and (b) a public company must publicly disclose any amendment to its internal control system statement within two days of the day on which the amendment was approved by the company's board of directors.
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  • Update: 2023-01-11