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Press Release
Has established a continuous audit system enabling external auditors to constantly monitor the company’s accounting information. Also opened ERP system to
Established an internal control system in order to meet the requirement of "Sarbanes-Oxley Act" of the U.S.
On January 17th, in order to meet the most stringent global standards of accounting transparency, SK Telecom established a continuous audit system that enables constant monitoring of the company’s accounting information by external auditors. This is a first in Korea.
SK Telecom has been striving to increase it’s management transparency. It was the first company in Korea to adapt a system that requires outside director approval before any internal transaction takes place. In 2000, the company established the ERP system for accounting, fund management, budget, and purchases. It also introduced a new subcommittee system in 2003. The CapEx Review Committee is operating as a part of this system.
An SK Telecom official revealed that in line with its continuous efforts to increase management transparency, SK Telecom, together with the Hanna Accounting Firm, has decided to allow external auditors to access its financial information at anytime. This will conform to the Sarbanes-Oxley Act and class action law that goes into effect beginning this year.
SK Telecom established an office for external auditors in the 30th floor of the SK T Tower located in Uljiro-2ga. The office is equipped with a conference call system, as well as a presentation system that includes a beam project. SK Telecom’s ERP system is also open to facilitate external auditor access to its accounting system, at anytime.
The newly adapted system is on a par with the audit systems of advanced countries. SK Telecom provided more than 6000 hours of auditing in 2004, and plans to increase the hours by more than 30%(including the hours of internal control auditing) in 2005.
SK Telecom established the internal control system in 2004, and began to implement the system in 2005. This system is designed to meet the requirement of the "Sarbanes-Oxley Act" of the U.S. regarding companies listed on a U.S. stock market. From the end of this year, the overall internal control system and effectiveness of the process will be evaluated by management as well as outside auditors. This information will be included in SK Telecom’s annual report.
SK Telecom expects to enhance its accounting transparency, and elevate the level of financial information credibility, through the establishment of a continuous audit system and an internal control system.
SK Telecom has been striving to increase it’s management transparency. It was the first company in Korea to adapt a system that requires outside director approval before any internal transaction takes place. In 2000, the company established the ERP system for accounting, fund management, budget, and purchases. It also introduced a new subcommittee system in 2003. The CapEx Review Committee is operating as a part of this system.
An SK Telecom official revealed that in line with its continuous efforts to increase management transparency, SK Telecom, together with the Hanna Accounting Firm, has decided to allow external auditors to access its financial information at anytime. This will conform to the Sarbanes-Oxley Act and class action law that goes into effect beginning this year.
SK Telecom established an office for external auditors in the 30th floor of the SK T Tower located in Uljiro-2ga. The office is equipped with a conference call system, as well as a presentation system that includes a beam project. SK Telecom’s ERP system is also open to facilitate external auditor access to its accounting system, at anytime.
The newly adapted system is on a par with the audit systems of advanced countries. SK Telecom provided more than 6000 hours of auditing in 2004, and plans to increase the hours by more than 30%(including the hours of internal control auditing) in 2005.
SK Telecom established the internal control system in 2004, and began to implement the system in 2005. This system is designed to meet the requirement of the "Sarbanes-Oxley Act" of the U.S. regarding companies listed on a U.S. stock market. From the end of this year, the overall internal control system and effectiveness of the process will be evaluated by management as well as outside auditors. This information will be included in SK Telecom’s annual report.
SK Telecom expects to enhance its accounting transparency, and elevate the level of financial information credibility, through the establishment of a continuous audit system and an internal control system.