Laws › Commercial Act › Sub-Section 3 Auditors and Audit Committee

Commercial Act — Article 414 (Liability of Auditors)

상법 제414조

This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.

(1) If an auditor has neglected any of his/her duties, he/she shall be jointly and severally liable for damages suffered by the company.

(2) If an auditor has neglected his/her duties in bad faith or by gross negligence, he/she shall be jointly and severally liable for damages suffered by a third party.

(3) In cases where an auditor is liable for damages suffered either by the company or a third party, if a director is likewise liable therefor, the auditor and the director shall be jointly and severally liable for the damages.

Korean original (law.go.kr) · Get articles as JSON via API

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