Expanding Internal Accounting Controls Could Be Key to Ending Korea’s Embezzlement Crisis
Despite stronger audit regulations and major investments, fraud and embezzlement continue to impose heavy financial and reputational damage on Korean companies. Internal accounting controls were created to ensure that financial reporting processes are trustworthy, but effectiveness remains limited when the system is treated as an accounting task instead of a responsibility shared across all departments.
To reduce fraud risks, companies must continuously update controls, strengthen ethics and whistleblower programs, and reinforce safeguards in high-risk areas. Lasting improvement depends on leadership commitment, which drives employees to follow procedures more faithfully, enhances monitoring, and ultimately strengthens trust in financial reporting.
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