Enterprise solutions company Younglimwon SoftLab said on May 7 it signed a memorandum of understanding with Samjong KPMG to improve the accounting audit response environment and expand the market based on Enterprise Resource Planning (ERP).

The agreement aims to combine Samjong KPMG’s accounting audit field insights with Younglimwon SoftLab’s ERP technology capabilities to support companies in carrying out accounting audit response tasks more stably and consistently.

Younglimwon SoftLab will reflect Samjong KPMG’s practical insights accumulated in accounting audit and advisory work into its ERP, K-System, to advance related functions. It will embed in the system the data items required in the audit process, how they are used, and verification procedures to support systematic corporate work execution.

The two companies will focus on reducing companies’ audit response burden and improving workflow by minimizing repeatedly occurring data requests and verification procedures during audit execution.

Younglimwon SoftLab stressed it has secured competitiveness as an ERP with accounting audit support functions through this cooperation.

Young-bum Kwon (권영범), CEO of Younglimwon SoftLab, said, "Responding to accounting audits is a core area directly linked to corporate management credibility." He said he expects that combining Samjong KPMG’s accounting audit and advisory expertise with Younglimwon’s ERP capabilities will enable it to provide customers with a more complete solution. He added, "Through this cooperation, ERP will evolve beyond a simple management system into practical management infrastructure that supports audit response."