Yoon Transition Committee Member Professor Choi Jong-hak: "I Will Ensure We Do the Right Thing"

An "Expecting insight on overlooked areas"
"National prosperity achieved when accounting records are accurate and transparent"

Choi Jonghak, Professor of Business Administration at Seoul National University (Provided by Yonhap News)

[Asia Economy Reporter Hyunju Lee] As Professor Choi Jong-hak of Seoul National University’s Business Administration Department was appointed as a member of the Planning and Coordination Subcommittee of the Presidential Transition Committee, expectations are rising both inside and outside the political sphere. The Planning and Coordination Subcommittee has traditionally been staffed by figures from political and social fields, but Professor Choi has never stepped into politics and is a scholar specializing in accounting. Ahn Cheol-soo, the head of the transition committee, explained the reason for Professor Choi’s appointment, saying, "We expect Professor Choi to examine the national finances and provide insights into areas we might be overlooking, helping the Yoon Seok-yeol administration operate more efficiently by finding clever solutions together."

In a phone interview on the 14th, Professor Choi expressed his thoughts on participating in the transition committee, saying, "I will do the right thing." Graduating from Seoul National University’s Business Administration Department and its master’s program, Professor Choi is not only an accounting expert but is also known for his deep knowledge of the humanities, to the extent that he once dreamed of becoming a poet or novelist. He has published the 'Manage by Numbers' series and released an essay collection titled 'Moments When You Need to Pause and Reflect.'

Jung Seok-woo, former president of the Korean Accounting Association, anticipated that accounting would provide practical help in national governance through state finances by "enabling accurate decision-making based on reliable information."

Jung explained, "Accounting is the field that accurately produces information derived from various statistics," adding, "Accounting is often understood merely as a record of corporate transactions, but there is a significant difference between managing with proper accounting knowledge and without it." He continued, "When creating systems, understanding accounting ultimately leads to better decision-making," and elaborated, "When a nation or company is prosperous, it is because accounting records are accurate and transparent (citing Jacob Soll, 'The Reckoning: How Accounting Controls History')."

A professor of business administration said, "As an accounting major, he will be able to exercise the ability to manage an organization not by 'words' but by 'numbers,'" adding, "There is even greater expectation because he is a member of the Planning and Coordination Subcommittee rather than the Economic Subcommittee." However, some expressed concerns that Professor Choi might have a pro-business bias, as he has publicly opposed allegations of accounting fraud at Samsung Biologics.