IHQ, 'Disclaimer of Opinion' Even After Delisting

Delisted from the KOSDAQ market, IHQ has received an audit opinion of 'Disclaimer of Opinion' from its external auditor for its 2025 financial statements as well. The judgment is that the reliability of the financial statements cannot be secured due to the limitation of the audit scope.

According to the Financial Supervisory Service's Electronic Disclosure System on the 20th, Shinhan Accounting Corporation, IHQ's external auditor, expressed a disclaimer of opinion on the 2025 consolidated financial statements. A disclaimer of opinion applies when the auditor is unable to express an opinion on the financial statements as a whole because they cannot obtain sufficient and appropriate audit evidence due to various factors, such as limitations on the audit scope.

Key Reasons for Disclaimer of Opinion

The core grounds for the disclaimer of opinion presented by Shinhan Accounting Corporation are as follows.

• Lack of Reliability of Beginning Financial Statements: The financial statements for the previous year, 2024, also received a disclaimer of opinion, making it impossible to confirm the accuracy of assets, liabilities, and equity as of January 1, 2025. Consequently, the impact on current financial performance and cash flows could not be determined.
• Lack of Evidence for Valuation of Major Assets: Sufficient and appropriate audit evidence could not be obtained regarding the fair value evaluation and impairment of fair value through profit or loss and other comprehensive income financial assets, as well as the impairment assessment of the media business division.

The audit report stated, "Due to the significance of the matters described, we were unable to obtain sufficient and appropriate audit evidence to provide a basis for an audit opinion on the consolidated financial statements."

Precautions for Investors

IHQ had already received consecutive disclaimers of opinion for the 2022 and 2023 business years, which triggered grounds for delisting, and was delisted after a clearance sale in January 2026. This disclaimer of opinion on the 2025 financial statements suggests that serious problems still exist in the company's accounting transparency and internal control systems.

Since a disclaimer of opinion signifies a material flaw in the reliability of the financial statements, stakeholders related to the company are required to pay special attention when verifying related information.