Samil PricewaterhouseCoopers Wins the Best Auditor Award

Samil PricewaterhouseCoopers (Samil PwC) received the Korea’s Best Auditor Award in 2009 from the Financial Supervisory Service (FSS), the local regulator, and the Korea Listed Companies Association (KLCA), a non-profit organization of Korean listed companies. The Best Audit Award in 2009 which has been organised in conjunction with the FSS and officially presented by the FSS Governor for the first time in its history. In presenting its award, the FSS and the KLCA have recognized Samil PwC’s ongoing contributions and efforts in improving audit quality by placing an effective quality control system and enhancing corporate values through regular health check services which monitor the business risks of companies.

Samsung Electronics, LG Electronics, and Kookmin Bank are among the many leading clients of Samil PwC whose industry-focused services and audit accreditation system have led to its dominating market share of audit services. As a leading firm of Korea, Samil PwC’s audit practices are improving year after year, owing to its strict quality control systems and continuous efforts towards enhancing the global standards. In 2007, Samil PwC became the first firm to undergo a joint inspection of its audit quality control system by the FSS of Korea and the Public Company Accounting Oversight Board (PCAOB) of the United States. The results of the joint inspection attested Samil PwC’s high quality of audit services to be in concurrence with the global standards. Winning the Best Auditor Award further demonstrates the market’s recognition of Samil PwC’s commitment to a strict quality control system for achieving a “Zero Defect/Zero Penalty Audit.”

Samil PwC established an IFRS taskforce in July of 2005 and has earnestly supported the implementation efforts of the Korean government and the Korea Accounting Institute (KAI) while providing quality advisory services to clients on their strategies and preparations. Particularly, in 2007, when the roadmap for the IFRS adoption was announced in Korea, Samil PwC expanded its IFRS Leadership Team and the IFRS Service Team and established industry-specific and segment-specific advisory structures. Based on its extensive domestic experience as well as IFRS expertise acquired from Europe and other overseas regions, Samil PwC offers a range of services such as IFRS adoption strategy, financial statement conversion, financial system implementation, training, etc. to help clients generate IFRS-compliant financial statements and efficiently conduct financial reporting for audit.

For most of the large and medium-sized enterprises in Korea which have experienced the common problems of weak ownership, complex governance, and inefficient business structuring, Samil PwC provides corporate governance restructuring services focused on the most effective and efficient governance strategy that satisfies the clients’ requirements by utilizing holding company structures. In addition, Samil PwC’s regular health check service assists companies in competently monitoring their business risks so that they may efficiently manage them and ultimately maximize their values.

The KLCA has announced the Best Auditor Award annually since 2000 to publicly recognize the best audit practices of listed companies, accounting firms, internal auditors/members of audit committee and individual CPAs in order to enhance the public’s awareness of the importance of audit practice and its trust in the audit market. By winning the Best Auditor Award in 2009, Samil PwC has become the first accounting firm in Korea to win the Best Auditor Award to accounting firms twice since the initial establishment of the Award to accounting firms in 2005.

[About KLCA KLCA is a non-profit organization of Korean listed companies established in 1973 to promote confidence in and for the growth of business and capital markets in Korea. KLCA has selected and publicly recognized the best audit practices in order to enhance the public as well as corporate awareness and confidence in the importance of audit performance.]

[About FSS The Financial Supervisory Service was established on January 2, 1999, under the Act on the Establishment of Financial Supervisory Organizations by bringing together four supervisory bodies-Banking Supervisory Authority, Securities Supervisory Board, Insurance Supervisory Board, and Non-bank Supervisory Authority-into a single supervisory organization. The FSS is headed by the Governor and organized along 25 departments and 16 offices that are divided among nine principal divisions]