Chairman Choi Joong-kyung of the Korean Institute of Certified Public Accountants: "I will do my best to ensure accounting reform is firmly established during the remaining term"

[Asia Economy Reporter Ji-hwan Park] Choi Jung-kyung, Chairman of the Korean Institute of Certified Public Accountants, emphasized in his New Year's address on the 2nd that he will do his best to ensure that the accounting reforms pursued over the past three years during his remaining term take root in the market. He also urged that, as the social status and expectations of accountants have risen significantly due to the accounting reforms, it is important to be recognized and respected by the public beyond professional functions. Below is the full text of the New Year's address.

< 2020 New Year's Greetings >

Dear esteemed members!

The year 2020, the Year of the Metal Rat (Gyeongja-nyeon), has dawned.

Thanks to the support of all members, the accounting reforms we have been promoting are on the verge of successful establishment. Major global media have evaluated that "South Korea's accounting reforms serve as an early warning system for investors," and especially the world is paying close attention to the success of the periodic auditor designation system and the standard audit hours system that we introduced.

Last year, the Inheritance and Gift Tax Act was amended to introduce the "4+2 periodic auditor designation system," which allows four years of free appointment followed by two years of designation for nonprofit public interest corporations. With this, South Korea has reached a historic turning point by legislating the periodic auditor designation system in the nonprofit sector following the for-profit sector, thereby securing auditor independence.

Dear members!

Accounting reform aims to protect stakeholders and contribute to national development by making accounting information in our national society more accurate and transparent. I ask all members to keep in mind the purpose of accounting reform and, based on the sense of mission that "Certified Public Accountants are a dignified profession," to take the lead in adhering to the code of conduct and improving audit quality.

During my remaining term, I will do my best to ensure that the accounting reforms pursued over the past three years take root in the market. Also, as the social status and expectations of Certified Public Accountants have risen significantly due to the accounting reforms, it is very important that we receive recognition and respect from the public beyond our professional functions. I will work to discover and promote socially meaningful social contribution projects by pooling the individual assets held by members into collective assets for the national society. I ask for your active support and participation.

Members, this year as well, I wish you good health and happiness as you cooperate with each other under the theme of Sangsaeng Gongyeong (Mutual Prosperity). Happy New Year.

This content was produced with the assistance of AI translation services.