First Task After Commissioning: Accounting Policy
Invitation of Lawmaker Formerly a Certified Public Accountant
First Mention of Accounting Issues in Regular Briefing
The Financial Services Commission (FSC) appears to be strengthening its schedule related to accounting policies. This move is seen as reflecting Chairman Kim's determination, who started his first task after appointment with accounting policy.
According to financial authorities on the 2nd, the FSC organized the protocol for the '7th Accounting Day' event held on the 31st of last month mainly with figures from the accounting industry. The head table seating is a representative example. The seats of honor were arranged for Choi Un-yeol, President of the Korea Institute of Certified Public Accountants (KICPA), Yoo Dong-soo, member of the National Assembly's Political Affairs Committee, Choi Eun-seok, member of the National Assembly's Planning and Finance Committee, and Yoon Han-hong, chairman of the National Assembly's Political Affairs Committee. Minister Kim and Standing Commissioner Lee Yun-soo sat at the lower seats.
An FSC official explained, "Protocols differ with each minister, but since the FSC was the host of this year's 'Accounting Day' event, we seated the KICPA president and distinguished guests from the accounting profession at the seats of honor."
'Accounting Day' was originally an event organized by the private sector to commemorate the enactment of the new External Audit Act in 2017. Since the FSC designated it as a statutory commemorative day starting from the 4th ceremony in 2021, it has been directly managing the event.
The event began to take on a large scale effectively from last year. In 2021, due to the impact of COVID-19, the event was held online, and the 5th ceremony in 2022 was also conducted online with a reduced scale due to the Itaewon tragedy.
In particular, this year's 7th Accounting Day holds great significance as both the FSC chairman and the KICPA president have been replaced by prominent figures. After Chairman Kim's inauguration, the FSC has empowered the head of the accounting team with decision-making authority, showing a strengthened policy drive. President Choi is also a figure who proposed and passed the new External Audit Act during his time as a member of the National Assembly.
The FSC also paid special attention to the invitees. Yoo, a three-term senior member, began his career as a certified public accountant at Saedong Accounting Firm and Induk Accounting Firm. Choi, a first-term member, is from Samil Accounting Firm. While preparing this year's event, standing committee members with accounting backgrounds shone in their roles.
Earlier, at the October monthly press briefing, Chairman Kim stated, "During the national audit, the necessity of mandating external audits for limited liability companies was raised," adding, "We are aware of the issue that corporations are forming limited liability companies to evade external audits." He emphasized that he would actively cooperate in the legislative process if necessary.
An FSC official said, "It is unusual for accounting policy to be the first issue discussed in a ministerial briefing," adding, "Chairman Kim has a special affection for accounting policy, which was his first task, and he is particularly attentive to policies on accounting transparency."
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