Securities and Futures Commission designates auditor for Manho Steel 3year and imposes a fine
The Securities and Futures Commission 7 month 8 day determined that Manho Steel (001080) had overstated revenue in preparing and disclosing its financial statements, and designated an auditor for 3 years and imposed a fine. Shinhan Accounting was subject to restrictions on its audit work going forward.
The Securities and Futures Commission decided to sanction Manho Steel (2026 year 7 month 8 day for violating accounting standards. The most significant measures were the designation of an auditor for 001080)3 years and the imposition of a fine.
The Securities and Futures Commission said it had confirmed that Manho Steel overstated revenue in preparing and disclosing its financial statements. The violation concerned the reliability of the company’s financial statements.
In addition, the Securities and Futures Commission imposed measures restricting Shinhan Accounting’s audit work for a certain period. The sanctions were imposed in accordance with auditor accountability and accounting oversight procedures.
This decision was 7 month 8 day at a Securities and Futures Commission meeting. The company’s specific objections or additional disclosures were not included in the article.
The Securities and Futures Commission’s disposition includes the amount of the penalty and the specific scope of restrictions on audit work. Whether the relevant items have changed is expected to be confirmed in the company’s disclosure for the following quarter.
This disposition affects Manho Steel’s disclosed historical financial data. Investors and creditors need to review the disclosure and any subsequent correction.