The current Act makes it mandatory that non-profit corporations that need accounting transparency receive an external audit. A non-profit corporation, to which an external audit is mandatory, would need to secure transparency through a firm external audit and protect the rights of all stakeholders because it has many stakeholders, and for its nature, some of its stakeholders may monopolize its profits and transfer its costs to all stakeholders.
There is criticism that although the need to improve transparency in accounting of non-profit corporations is never less than that of profit-making corporations, the external audits of non-profit corporations are perfunctorily made and cannot achieve their purpose. Institutional devices are required to enhance external audits because the damage caused by these perfunctory audits will be borne by the majority of the stakeholders. In particular, nonprofit corporations would have a greater need for institutional improvement because they are not equipped with monitoring devices other than the supervision of the competent government departments.
Meanwhile, the system related to the external audit of profit-making corporations has been greatly improved as the Act on External Audit of Stock Companies was entirely revised in 2017 for the purpose of improving transparency of accounting through a major reform of accounting system.
Therefore, the amendment requires to have at least a device to ensure the integrity of the audit by introducing the standard audit hours introduced through amendment of the Act on External Audit of Stock Companies (Article 169 (2) newly established).

Article 169-2 (Standard Audit Hours) (1) The Korean Institute of Certified Public Accountants may establish standard audit hours that auditors should input to improve the quality of audit work and to protect the stakeholders such as members in relation to the audit under Article 169 (7). In this case, the Korean Institute of Certified Public Accountants should listen to and reflect the opinions of stakeholders.
(2) The Korean Institute of Certified Public Accountants shall review whether implementation of the standard audit hours set forth in Paragraph (1) is valid and shall reflect this and disclose the results taking account of changes in the audit environment, etc., during each period prescribed by Presidential Decree.