[Accounting Society President Election] Kim Young-sik "Will Find Win-Win Solutions to Grow the Accounting Industry Pie"

Candidate No. 4 Kim Young-sik, CEO of Samil Accounting Corporation

[Asia Economy Reporter Jihwan Park] "Instead of fighting over a small pie, we should think about how to grow the pie itself, thereby expanding the entire accounting industry's pie and promoting unity and coexistence among corporations."

Kim Young-sik, Chairman of Samil Accounting Corporation, who announced his candidacy for the Korea Institute of Certified Public Accountants (KICPA) presidential election on the 17th, emphasized in an interview with Asia Economy on the 3rd that "while the introduction of periodic designation systems and standard audit hours has improved the treatment of accountants, on the other hand, audit risks such as qualification suspension and compensation for damages have also increased," stressing that it is time for the accounting industry to unite and work together rather than fight.

He diagnosed that voices complaining about audit fee increases and the burden of the standard audit hours system are growing among companies. Chairman Kim promised, "We will establish a win-win coexistence system that benefits not only companies but also individual accountants, accounting firms, and regulatory authorities."

He also emphasized the completion of stable accounting reforms. His pledges include not only the establishment of the standard audit hours system but also the expansion and strengthening of periodic and discretionary designation systems. In this process, he stressed that he would actively communicate with companies, large, medium, and small accounting firms, and regulatory authorities by utilizing a broad network including the industrial sector, politics, academia, and the media.

He revealed plans for a knowledge-sharing platform aimed at building a coexistence economic ecosystem. The idea is to create a system that shares various know-how, technologies, and methodologies of major accounting firms. Chairman Kim stated, "We will establish a coexistence and development council directly under the chairman to foster specialized markets for small and medium firms, auditors, and local members, and request large firms to contribute knowledge at a talent donation level and make concessions."

He also plans to promote legislation for a public audit system for school corporations, collective buildings, and apartment complexes. He said, "It is necessary to introduce a periodic designation system to improve accounting transparency and audit quality for non-profit corporations as well, and we will push for amendments to private school laws and other related regulations." Additionally, he plans to promote measures for specialized audit teams of professional small and medium accounting firms or individual auditors to focus on public interest corporation audits at the association level.

He urged that the selection of accountants should be decided with the future in mind, not due to immediate shortages. He said, "If there is an oversupply of accountants, excessive competition is inevitable, which can lead to side effects such as audit fee reductions and audit quality deterioration," and "we will work with government authorities to create an environment where young accountants can work with pride."

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