강화된 내부회계관리제도의 원활한 국내 정착방안에 대한 연구

The Korean government first introduced the Internal Accounting Control System (IACS) regulation in 2001, further strengthening it in 2003 with the implementation of the Accounting Reform Program. In March 2004, the PCAOB of the United States published PCAOB Auditing Standards No. 2 covering the auditor’s reporting on the Internal Controls for Financial Reporting (ICFR) to comply with Section 404 of Sarbanes-Oxley Act of 2002. The audit results of the U.S. public companies’ reporting over the ICFR were first disclosed in 2005. All these changes of accounting environments in Korea and the United States have drawn a lot of attention to the IACS regulation in Korea. In spite of early introduction of the IACS regulation in 2001, the Korean laws, regulations and practical guidelines related to the IACS have not been prepared well enough to allow its proper implementation. Underlying standards such as the Management’s Assessment Standards and the Accountant’s Review and Reporting Standards for the IACS were not published until 2005. Potential consequences of the IACS implementation were only recognized recently. Nevertheless, there are still many areas to be supplemented for smooth stabilization of the strengthened IACS regulation. This study is to find inferences and recommendations with respect to IACS program and the related policies, regulations, and guidelines in Korea. The study’s findings are based on practical experiences, data research, discussion with the company officials and accountants who have participated in the internal control projects or audit engagements in the United States or Korea. Discussions and recommendations in this study will provide certain suggestions for further development of the IACS regulation in Korea.