What it is
Listed companies are audited by an external accounting firm, which issues one of four opinions: unqualified, qualified, adverse, or a disclaimer of opinion. Anything other than unqualified signals an accounting problem.
Unqualified is not a verdict on the business
It confirms the statements follow accounting standards. Loss-making companies receive unqualified opinions all the time.
Read the paragraphs, not just the opinion
Even an unqualified opinion can carry a paragraph flagging material uncertainty about going concern — the auditor doubting the company can keep operating for another year. That is often a sharper signal than the one-word opinion. The internal-control opinion, and whether the auditor was chosen by the company or assigned by the regulator, are worth reading too.
What a bad opinion triggers
A disclaimer or adverse opinion is itself a delisting ground in Korea, and a qualified opinion can be. Late submission of the audit report is treated as a warning sign, and trading is usually suspended while it is resolved.
Where to check it
Audit reports are filed on DART with the annual report, clustering in late March because most companies close in December. Frequent auditor changes or restatements are worth reading alongside.
This explanation is general information, not investment advice. Rules reflect September 2026 and may change; check official exchange and broker notices.