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A Study on the disciplinary litigation in Certified Public Accountant Act

  • DONG-A LAW REVIEW
  • 2020, (87), pp.1-50
  • DOI : 10.31839/DALR.2020.5.87.1
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law
  • Received : March 30, 2020
  • Accepted : May 18, 2020
  • Published : May 31, 2020

Choi Kwangsun 1

1전남대학교

Accredited

ABSTRACT

The disciplinary procedure against Certified Public Accountant(hereinafter ‘CPA’) is a very important system for enhancing accountingtransparency. This is because we could know what is allowed and what isnot in accounting and auditing. This article examines recent cases on the ruling precedents andadministrative trial. The independence of auditing cannot be maintainedeven with the least threats to independence. No certified public accountantshall be allowed to carry out functions relating to auditing or certifyingfinancial statements for any of the persons provided by CPA Act. Anycertified public accountant, who is contracted to perform the businessauditing or certifying the financial statement of any specific company shallbe prohibited from performing any of the business provided by CPA Actfor the relevant company during the contract term. Complying withAccounting Audit is very important in determining the reason fordisciplinary action. I would like to make a proposal to improve the disciplinary procedurefor the CPA Act. Disciplinary procedures and measures for accountingfirms and CPA must be governed by CPA Act. I think it isunconstitutional to be subject to criminal punishment for violating Article21 (2) of CPA Act. I think that the purpose of criminal punishment can besufficiently achieved as a disciplinary procedure in CPA Act. Under CPAAct, moreover, a person who has provided services of CPA during theperiod of suspension of practice referred to in Articles 48(displinary action)should be punished by imprisonment with labor for not more than oneyear or by a fine not exceeding ten million won.

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