Are private funds externally audited?

With the 2021 reform, general private funds offered to general investors above a certain size became subject to external audits.

The criteria announced by the Financial Services Commission when the law was amended were assets exceeding KRW 50 billion, or assets of KRW 30 billion to 50 billion where additional collective investment securities were issued within 6 months. The requirement may not apply in cases prescribed by law, such as when all investors consent, so check the latest laws and regulations for the specific criteria.