회계제도개혁법의 입법 현황과 실무상 몇 가지 고려점 ―美國 Sarbanes-Oxley Act와의 비교를 통하여

This paper analyzes and evaluates the effectiveness of corporate accounting related reform acts which the government presented to the parliament in June 2003. The purpose behind the Acts is to protect investors by improving the accuracy and reliability of corporate disclosures and by guaranteeing the independence of internal/external accountants with a aim of preventing the accounting fraud. This paper compares the salient features of the acts in Korea with those equivalent in the United States, Sarbanes-Oxley Act. It also provides means for improving the accounting practice. Part II provides an executive summary of the corporate accounting reform acts that will affect management, director, and accounting firm presented by government to the parliament in 2003. Part III briefly discusses the provisions of Sarbanes-Oxley Act, also referred to as the Public Company Accounting Reform and Investor Protection regarding audit reform; increased executive responsibility and accountability; new disclosure requirements. From the previous studies, this study suggests how to improve the accounting practice under the related acts, including enhancing corporate disclosures, introducing new roles for audit committees, solving accounting and corporate accountability problems and providing guaranteed independence of internal/external accountants.