First job accounting policy after appointment
Invitation of accountant-turned-lawmaker
Accounting issues were also mentioned first in regular briefings.
Financial Services Commission emphasizes ‘accounting transparency’ policy”/>
The Financial Services Commission appears to be strengthening accounting policies and related schedules. There is an assessment that this reflects the will of Chairman Kim, who started his first job after taking office with accounting policy.
According to the financial authorities on the 2nd, the Financial Services Commission organized the protocol for the ‘7th Accounting Day’ event held on the 31st of last month, focusing on accounting industry figures. The head table seat is a representative example. Choi Un-yeol, Chairman of the Korea Institute of Certified Public Accountants, Yoo Dong-soo, National Assembly Political Affairs Committee member, Choi Eun-seok, National Assembly Planning and Finance Committee member, and Yoon Han-hong, National Assembly Political Affairs Committee Chairman, were provided at the head table. Minister Kim and Standing Committee Member Lee Yun-soo each sat in the last row.
An official from the Financial Services Commission explained, “Protocol varies depending on the minister, but since the host of this year’s ‘Accounting Day’ event is the Financial Services Commission, we invited the Chairman of the Korean Industrial Association and VIPs who were accountants to the head table.”
‘Accounting Day’ was an event organized by the private sector to commemorate the promulgation of the New External Audit Act in 2017. The Financial Services Commission is directly taking care of this by designating it as a statutory anniversary starting from the 4th anniversary in 2021.
In fact, it was last year that the event began to take on a larger scale. In 2021, it was held as an online event due to the aftermath of COVID-19, and the 5th event in 2022 was held as an online event with a reduced scale due to the Itaewon disaster.
In particular, the 7th Accounting Day event held this year is very meaningful. This is because both the Chairman of the Financial Services Commission and the Chairman of the Korean Industrial Association were replaced by prominent figures. After Chairman Kim took office, the Financial Services Commission appears to be strengthening its policy drive by granting decision-making authority to the head of the accounting team. Chairman Choi is also the person who proposed and passed the New External Audit Act when he was a member of the National Assembly.
The Financial Services Commission also paid special attention to invitees. Rep. Yoo, a third-term member, began his career as a certified public accountant at Sedong Accounting Corporation and Indeok Accounting Corporation. Representative Choi, a first-time elected member, is from Samil Accounting Corporation. In preparation for this year’s event, standing committee members with backgrounds as accountants graced the occasion.
Previously, at the monthly press conference in October, Chairman Kim said, “Among the areas discussed in the government audit, the need for mandatory external audit of limited liability companies was raised,” and “limited companies should be incorporated in the form of limited liability companies to avoid external audits.” “I have a problem-conscious mind about creating them,” he said. Chairman Kim emphasized that he would actively cooperate in the process of creating legislation if necessary.
An official from the Financial Services Commission said, “It is unusual for a minister to discuss accounting policy as the first issue in a briefing,” and added, “I have a special affection for accounting policy, which was my first job, and I am paying particular attention to accounting transparency policy.”
Reporter Hwang Yun-ju hyj@asiae.co.kr
