Chairman Kim Byunghwan: "Companies Must Strengthen the Independence of Internal Audit Bodies Themselves"

"Accounting Industry Must Also Listen to Corporate Voices"

Financial Services Commission Chairman Kim Byung-hwan is attending and speaking at the Economic Ministers' Meeting and the 1st Investment Activation Ministers' Meeting held at the Government Seoul Office in Jongno, Seoul on the 2nd. Photo by Jo Yong-jun jun21@

Kim Byung-hwan, Chairman of the Financial Services Commission, emphasized on the 31st that "companies must independently strengthen the independence of their internal audit organizations and establish a robust internal accounting control system to ensure accurate accounting information."

At the 7th 'Accounting Day' commemorative ceremony held in Yeouido, Seoul that morning, Chairman Kim stated, "Accounting is the foundation of all economic activities, so ensuring accounting transparency is an important responsibility of the government."

At this event, Chairman Kim stressed the independence of corporate internal audit organizations. He pointed out, "When competitive startups grow beyond a certain size or get listed on the stock market through an Initial Public Offering (IPO), they face many legal responsibilities to ensure accounting transparency."

He added, "Many companies still neglect accounting transparency, suffer legal sanctions, and lose growth momentum," and said, "For companies, enhancing accounting transparency is the fastest way to increase corporate value in the long term."

Chairman Kim also urged the accounting industry to listen to the voices of companies. He said, "In a challenging domestic and international economic environment, we need more careful communication to ensure that the various systems introduced through accounting reforms do not become excessive burdens, and to find ways to alleviate difficulties companies may face during the adoption of new international accounting standards."

Chairman Kim stated, "The professional qualification of an accountant is prefixed with 'Certified Public.' This reflects the public value and responsibility of accounting," and added, "I hope for cooperation toward the common goal of accounting transparency."