주식회사 감사제도의 문제점과 그 개선방안

Corporate Governance is concerned with the way in which corporations are governed and in particular in Korea the relationship between the management of a company and its stockholders. Since the monetary crisis in 1997, Korea has made an effort to reform corporate governance of stock corporation and adopted the system of independent directors, commission in the board of directors, and audit committee. And a corporation can choose either an audit committee or an auditor. This article focuses on the improvement of auditing system and the problems of this system in Korea. The audit system should consist of at least three members, and at least a majority of the members should be composed of directors who have no special relationship with the management or ruling stockholders. Incidentally, according to a certain article, it is necessary to maintain at least one inside director who is informed of business and affairs of corporation. This approach should be criticized because of the potentialities a conflict of views and the possibilities of infringement on the independence of audit committee. For that reason, the large publicly held corporation should be required to establish and maintain an audit committee comprised solely of directors independent of management or ruling stockholders.