[Accounting Society President Election] Hwang Intae "Will Support Litigation for Small and Medium Accounting Firms... Expand Welfare for Members"

Candidate No. 5 Hwang Intae, Professor at Chung-Ang University

[Asia Economy Reporter Ji-hwan Park] "As accountants are increasingly exposed to litigation risks, we will first prepare a plan for the Korea Institute of Certified Public Accountants (KICPA) to support litigation response for small and medium-sized accounting firms that lack the capacity."

Professor In-tae Hwang of the Department of Business Administration at Chung-Ang University, the only academic candidate running for the presidency of the Korea Institute of Certified Public Accountants (KICPA) election on the 17th, stated in an interview with Asia Economy on the 3rd, "Since the statute of limitations for damages against auditors has been extended from the existing 3 years to 8 years, the increase in lawsuits against accountants has become inevitable."

Professor Hwang emphasized, "Lawsuits against accounting firms increased from 81 cases and 297.4 billion KRW in 2016 to 120 cases and 778.6 billion KRW in 2018," adding, "We will establish a Litigation Committee to create a response system at the KICPA level to help firms with less litigation experience cope."

Professor Hwang also proposed various welfare pledges to support the demands for improving the rights and interests of certified public accountants. These welfare systems include welfare cards and housing purchase loans.

Professor Hwang said, "In the case of the Bar Association, they issue a welfare card called the Lawyer's Card, which provides member benefits and discounts at affiliated facilities such as hotels, resorts, sports centers, and health checkup centers, available to the member and their immediate family." He also plans to establish a credit cooperative to provide easy loan options for members facing difficulties securing funds for home purchases.

Professor Hwang promised to reduce the number of accountants selected and introduce flexible working systems suitable for the audit market, such as short working hours, for members on leave at the association level.

He stated, "The issue of accountant manpower depends on whether to utilize the 7,438 members on leave, which accounts for about 35% of the total members," and added, "We will introduce flexible working systems suitable for the audit market, such as short working hours, and provide association-level support to help members on leave adapt to the rapidly changing audit and tax environment."

In addition, Professor Hwang proposed pledges including △the establishment of new accounting systems such as periodic designation and standard audit hours △the introduction of external audits and reduction of membership fees △ the establishment of an accounting research institute to enhance member rights and interests .