The Financial Services Commission(FSC) confirmed on Wednesday a one-year suspension of new audits by Deloitte Anjin, one of the four largest accounting firms in South Korea.

As Deloitte Anjin is barred from signing new audit contracts, the three other majors --- Samil PricewaterhouseCoopers(PwC), Samjung KPMG and Ernst and Young Han Young --- will likely handle increased demand, which may result in incomplete audits.

To prevent confusion in the audit market, the financial regulator decided the suspension will take effect early this month after the deadline for submitting audit reports ends.

Deloitte Anjin, which has nearly eleven-hundred clients, was slapped with the business suspension for its accounting irregularities of Daewoo Shipbuilding and Marine Engineering.