SecureLetter, Trading Halted Due to Audit Refusal Seven Months After Special Listing

SecureLetter announced on the 5th that it received a disclaimer of opinion from the auditor due to a scope limitation on the financial statements for the 2023 fiscal year.

The auditing firm Taesung Accounting Corporation stated, "Regarding the suspected accounting fraud that occurred during the period, we requested the company's internal monitoring body to investigate the potential impact on the company's financial statements. The internal monitoring body appointed external experts to conduct the investigation," adding, "However, as of the date of the audit report, we have not received the final investigation results from the internal monitoring body related to this accounting fraud nor the final investigation report from the external experts."

They further explained, "We were unable to obtain sufficient audit evidence to reasonably estimate the impact on the financial statements of the suspected accounting fraud and any additional issues that may arise from it."

A disclaimer of opinion is grounds for delisting under the Korea Exchange listing regulations.

The Korea Exchange designated SecureLetter as a management item and suspended its trading from the afternoon of the same day.

Founded in 2015, SecureLetter is a cybersecurity specialist company that was listed on the KOSDAQ market through a technology special case on August 24 of last year.

This content was produced with the assistance of AI translation services.