Accounting Exam Revamped After 14 Years: "AI-Driven Convergence Talent Essential"

Starting 2025, IT Skills Verification Required for Hiring Accountants
Digital Audit Era... IT Competence Essential for Using Various Tools

The certified public accountant (CPA) exam system will be reformed for the first time in 14 years since 2007. From now on, those who want to become accountants must become convergent talents equipped with information technology (IT) capabilities. The accounting industry is opening the full-fledged era of 'Digital Audit' by developing and introducing digital audit tools equipped with artificial intelligence (AI) and applying them to work. Strengthening 'digital audit capabilities' is essential.

According to the Financial Supervisory Service and the Korean Institute of Certified Public Accountants on the 6th, the amendment to the Enforcement Decree of the Certified Public Accountant Act was approved at the Cabinet meeting in April last year, and the exam system will change from 2025. The Financial Supervisory Service announced that it will operate △ the reorganization of the IT pre-credit completion system △ expansion of the IT question proportion △ advance notice of the scope of questions in the CPA exam system.

Professor Kim Beom-jun of the Department of Accounting at Catholic University, who led the reform of the exam system, explained the background of the reorganization of the IT pre-credit completion system and the expansion of the IT question proportion, saying, "Accountants use IT a lot in practice, but the CPA exam is operated with an old system, so the CPA Qualification System Deliberation Committee raised the issue and discussions began." The Financial Services Commission, the Financial Supervisory Service, the accounting academia, and the Korean Institute of Certified Public Accountants gathered to discuss the reform work and reached a consensus on the need for IT-utilizing accountant talents.

In particular, during the reform process, the dominant opinion in communication with actual accounting firms in the field was that IT talents are needed. An accountant from a major domestic firm said, "If an employee who passed the CPA exam has a low understanding of IT, it takes a lot of time to learn practical tools after joining." The Korean Institute of Certified Public Accountants emphasized, "Convergent talents are needed in the era of the 4th Industrial Revolution, such as big data and AI."

The current utilization of IT tools in the accounting industry is increasing. First, digital audits are becoming full-fledged. Field accountants say that digital audits help detect false reporting of financial information, embezzlement through sales accounts, fictitious inventory asset recording, fictitious tangible asset transactions, and misuse of stored cash deposits. The 'Big 4' accounting firms (Samil PwC, Samjong KPMG, Deloitte Anjin, EY Hanyoung) are utilizing the latest IT technologies in their work, and mid-sized firms are also actively adopting technology. Expansion of new IT solution businesses utilizing financial and management expertise is also actively underway.

Professor Kim Beom-jun predicted that the competitiveness of IT-utilizing talents will eventually increase, saying, "Many parts of accounting work are automated, but areas requiring judgment must be comprehensively judged by humans." Han Eun-seop, head of the audit division at Samjong KPMG, also said, "Although digital audit technology is developing, it will be difficult to replace the accountant's judgment role," and predicted, "Digital audit using technology will automate existing simple repetitive tasks and increase the probability of detecting fraud or errors in high-risk transactions, realizing high-quality audits." Lee Kwang-yeol, head of the audit division at EY Hanyoung, explained, "Accounting audits are shifting from the existing analog method to a completely new digital paradigm," and added, "Innovation can be achieved only when there are experts who can handle the latest audit tools that utilize technology to the fullest with insight."

The use of IT in the accounting industry is a global trend. Professor Kim said, "The U.S. CPA exam has been completely changed, and the IT-related portion has greatly increased," adding, "With the opening of IT accounting audits, the demand for IT utilization skills is increasing." The U.S. economic media CNBC also quoted experts' forecasts, saying, "It is a foregone conclusion that lawyers and accountants who know how to use AI will replace those who do not."

Accordingly, from now on, 822 IT-related subjects with high IT relevance, such as database management, will be recognized as part of the IT pre-credit completion system and related courses. The Financial Supervisory Service plans to maintain the proportion of IT questions, including data analysis, at a level exceeding 15% for two years from 2025, the initial year of the system introduction. Based on this, the understanding of accounting information systems, databases, and data analysis ability of examinees will be evaluated. Professor Kim said, "I expect that just signaling the importance of IT to examinees preparing for the CPA exam through the exam system change will help increase IT convergent talents in the accounting industry."

Among the changes this time, advance notice is also a focus. This is the advance notice of the scope of questions. Except for law subjects, the exam subjects will be divided into detailed fields, and the proportion of questions by field will be announced to increase predictability for examinees. Advance notice is already being implemented in the U.S. and other countries to reduce uncertainty. In accounting-related communities, there is a welcoming atmosphere, saying, "I am studying by self-study, and increasing predictability will make it easier." Authorities and the accounting industry expect that advance notice will also solve problems such as sudden sharp increases or decreases in difficulty when setting exam questions.

The Financial Supervisory Service explained, "We will continuously monitor the status of the new system introduction and review improvement measures if necessary," adding, "In particular, we plan to additionally review IT subjects and expand the scope of recognized subjects."