Hyundai Motor Group

Vol. 7 ('25.3Q)

KOR

The Frontline

HMC Internal Control over Financial Reporting Newsletter

We offer a quarterly newsletter to help you gain an understanding and insight into the ICFR(Internal Control over Financial Reporting).
We hope to provide you with the opportunity to gain familiarity with ICFR through various contents, and your active attention to ICFR is highly appreciated.

- Finance & Accounting Planning Team -

News

[Summary of the articles]

We have summarized articles related to fraud, embezzlement accidents, and ICFR trends that are of issue recently. Through this, we hope to raise the company's awareness on fraudulent accidents and ICFR.
(Please note that the full text of the article inevitably appears as it is in Korean.)

83% of South Korean Companies Report Improved Accounting Transparency Under New External Audit Act

The New External Audit Act, introduced in 2018, has significantly enhanced corporate accounting transparency.

[AI-Focused Financial Groups] AI Powers Both Sales and Internal Controls

Korea’s four major financial groups — KB, Shinhan, Woori, and Hana — are adopting AI across their organizations to boost business competitiveness and strengthen internal control systems.

Opinion

[Expert Opinion]

Through the opinions of experts, we consider the direction of effective internal control improvement and derive solutions.

< The Patterns of Fraud and Internal Controls >

By Professor Jun-Hwa Noh (Chungnam National University, CPA, Washington State, USA)

The patterns of corporate fraud in Korea have changed significantly over time. In the past, management often orchestrated large-scale schemes, creating slush funds or engaging in unlawful practices. However, with changes in social awareness and regulatory reforms, such large-scale organizational fraud has relatively decreased.

Cartoon

[ICFR cartoon]

<Learn about ICFR through cartoon>

[Annual Operation and FAQ]

2025 Calendar

2025 ICFR Annual Schedule

※ The ICFR annual schedule and FAQ are limited to Hyundai Motor Company only.

Please contact the ICFR managing team of your company for your ICFR annual schedule and other questions.

[Contact Us]
Please contact to the email below if you have any questions.
sh.moon@hyundai.com (Accounting Policy Team Seonghoon Moon Manager)

This newsletter has been sent for executives and employees to comply with K-SOX training obligation under the Korean External Audit Act (Enforcement Decree Article 9)