Kim Young-sik, New Chairman of the Accounting Society, "Will Achieve Win-Win for Clients, Members, and Regulators"

[Asia Economy Reporters Jihwan Park and Minji Lee] Kim Young-sik, chairman of Samil Accounting Corporation, has been elected as the 45th president of the Korean Institute of Certified Public Accountants (KICPA).

Immediately after being elected as the new president at the KICPA general meeting held in Seodaemun-gu, Seoul, Kim Young-sik emphasized to reporters the need for coexistence among clients, members, and regulatory authorities in accounting reform.

President Kim stressed practical actions for 'coexistence' above all else. He promised, "First, I will persuade our clients," and added, "I will fully explain the necessity of accounting to our clients." He revealed his determination to find ways to coexist with clients by stating that he has already scheduled meetings with the chairpersons of the Listed Companies Council and the Federation of Medium-sized Enterprises as early as tomorrow.

Kim also diagnosed that it is time for the accounting industry to unite and pool their wisdom rather than quarrel. He pointed out, "The existing accounting industry has fought too much over a small pie," and criticized, "They did not think about expanding the pie but fought over the small existing pie." He added, "While protecting the existing pie is important, I will grow this pie to expand the scope of accountants."

He emphasized that he would demand unconditional concessions from the so-called Big 4 and other large accounting firms. The explanation was that he intends to secure concessions from large and medium-sized accounting firms to build an ecosystem that leads to small firms and individual auditors.

Finally, President Kim stressed coexistence with regulatory authorities. He said, "One pillar of the new External Audit Act was the carrot of periodic designation and standard audit hours, but the other pillar was the stick of quality control," and urged, "The accounting industry must make infinite efforts to avoid being whipped."

To this end, he explained, "Rather than a uniform quality control system, I will propose quality control systems tailored to each firm's size through consultations with regulatory authorities."

This election saw a record number of five candidates, including former lawmaker Chae I-bae of the Minsheng Party, Jeong Min-geun, vice chairman of Anjin Accounting Corporation, Choi Jong-man, CEO of Shinhan Accounting Corporation, and Professor Hwang In-tae of Chung-Ang University.

Kim was elected president with 4,638 votes out of 17,920 eligible voters. Members who had not paid dues for more than three years or had been disciplined were excluded from the electorate. Former lawmaker Chae I-bae received 3,800 votes, Vice Chairman Jeong Min-geun 1,340 votes, CEO Choi Jong-man 974 votes, and Professor Hwang In-tae 872 votes.

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