Director Min Chang-Sun’s article, “Compliance with ITGC in Internal Accounting Control System through ITSM,” was featured in the ZDNet Korea Expert Column.

• Excerpt from the Introduction
• 
  
• The internal accounting control system is an internal control framework for financial reporting that companies must establish and maintain to ensure the reliability of financial information preparation and disclosure. It refers to an internal control system that manages and monitors company operations related to financial reporting to prevent errors, fraud, and misconduct in financial statements.
• 
  
• This system is designed and operated to provide reasonable assurance that the company’s financial statements are prepared and disclosed in accordance with generally accepted accounting principles. It represents a continuous process executed by all organizational members, including the board of directors and management.
• 
  
• Building and operating an internal accounting control system begins with identifying entity-level controls and IT general controls that broadly impact the company’s financial statement preparation process. It then involves implementing controls within business processes that significantly affect accounts with material amounts on the financial statements, reducing the risk of material misstatement during operations.
• 
  
• In short, the internal accounting control system was introduced under the Corporate Restructuring Promotion Act to prevent accounting fraud and is now managed under the Act on External Audit of Stock Companies.
• 
  
• ▶ https://zdnet.co.kr/view/?no=20200707162651