Korean Institute of Certified Public Accountants Publishes 'The Strategic Role of the CFO'

[Asia Economy Reporter Minji Lee] The Korean Institute of Certified Public Accountants (KICPA) announced on the 11th that it has published "The Strategic Role of the CFO" to enhance the understanding of office workers and the general public interested in CFOs about what CFOs do.

"The Strategic Role of the CFO" is composed of a total of eight sections. Chapter 1, "The Role of the CFO," covers the changing role of the CFO and the competencies required for CFOs. △ Chapter 2, "Management Planning and Performance Management," discusses the key points to focus on when preparing mid- to long-term management plans and business plans, as well as key points in performance management. △ Chapter 3, "Fundraising and Operation," examines methods of fundraising and key aspects of fund management. △ Chapter 4, "Financial Accounting and Financial Reporting," details CFO’s key checkpoints regarding financial statement closing, internal accounting control systems, and investor relations (IR) related tasks.

Chapter 5, "Accounting Information and Management Decision-Making," introduces major concepts necessary for management decision-making, followed by easy-to-understand explanations of business feasibility analysis and risk analysis techniques. △ Chapter 6, "Tax Management," covers major tax issues and tax support measures that CFOs must not overlook. △ Chapter 7, "Procurement Strategy," reviews various issues CFOs need to consider related to procurement. Lastly, △ Chapter 8, "Growth Strategy through Corporate System Changes," explains key concepts related to corporate restructuring and M&A, along with practical application cases in an easy-to-understand manner.

In response, Eun Sung-soo, Chairman of the Financial Services Commission, said, "It is very welcome that KICPA published this book to help overcome the management difficulties faced by small and medium-sized enterprises (SMEs) due to somewhat insufficient CFO capabilities and to support SMEs." Additionally, Kwon Young-soo, Vice Chairman of LG Corporation, explained, "Certified public accountants with experience as current and former CFOs and corporate financial consulting have clearly described the necessary content for becoming a CFO, so there is no shortage of knowledge and know-how for CPAs who will perform CFO roles and financial managers of SMEs in the future."

Choi Joong-kyung, Chairman of KICPA, stated, "If certified public accountants go beyond traditional accounting and tax services for companies and cover all financial functions to assist SMEs, it will greatly help them grow into strong or mid-sized enterprises." He added, "To this end, KICPA plans to activate 'CFO Outsourcing,' which dispatches CPAs from small and medium accounting firms as part-time financial executives (CFOs) for SMEs."

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