[THE INVESTOR] Posco Engineering & Construction has recently replaced its auditor Deloitte Anjin with Ernst & Young Hanyoung, The Bell reported on April 27.

The report said Hanyoung is currently conducting the Korean builder’s first quarter audit that had been done by Anjin for 18 years since 1999. 

Early this month, Anjin was hit with a 12-month business suspension for its role in the accounting fraud of the troubled Daewoo Shipbuilding & Marine Engineering.

Anjin, one of the nation’s top four accounting firms, has reportedly lost more than 50 key corporate clients following the penalty. Many of the clients have signed new contracts with its rivals such as Samil PwC, Samjong KPMG and Hanyoung.

The report said Hanyoung has secured three POSCO clients -- POSCO E&C,  POSCO ICT and POSCO ChemTech -- this year alone, adding to the existing Posco Daewoo.

POSCO and POSCO Energy are expected to maintain their business with Samjong until 2019, the report added.

By Song Seung-hyun (ssh@heraldcorp.com)