'Government Medal' Awarded to Anjin Alumni After 5 Years of Accounting Reform

Yang Seung-woo, former chairman of Deloitte Anjin Accounting Corporation

[Asia Economy Reporter Ji Yeon-jin] A former employee of Anjin Accounting Corporation received the highest government award in celebration of 'Accounting Day.' Accounting Day is an event established to commemorate October 31, 2017, when the new External Audit Act, a cornerstone of accounting reform, was promulgated.

The Financial Services Commission announced on the 7th that, on the occasion of the 5th Accounting Day, it awarded the Cheoltap Industrial Medal to former Anjin Accounting Corporation CEO Yang Seung-woo and presented government awards to those who contributed to enhancing accounting transparency.

The Cheoltap Industrial Medal is one of the industrial medals awarded to individuals who have led Korea's industrial development. Former KB Financial Group Chairman Yoon Jong-kyu was selected as a recipient on the 2nd Accounting Day in 2019. In the accounting industry, former CEO Yang is the second person to receive the Cheoltap Industrial Medal following Chairman Lee Byung-chan of Seonil Accounting Corporation. Since last year, Accounting Day has been designated as a statutory commemorative day under the External Audit Act, and Professor Kim Moon-chul of Kyung Hee University received the Nokjo Geunjeong Medal as an accounting contributor.

For the 5th Accounting Day awards this year, the Financial Services Commission received candidate recommendations from the Big Four accounting firms, the Association of Mid-sized Accounting Firms, the Association of Small Accounting Firms, and the Audit Team Federation, and conducted public verification of 19 candidates.

The Financial Services Commission stated the reason for awarding former CEO Yang as follows: "He has worked as a certified public accountant for over 40 years, pioneering new business areas such as designing systems for applying international accounting standards, and contributed to overcoming the crisis by serving as a member of the Special Committee on Accounting Systems during the foreign exchange crisis."

Former CEO Yang was recognized for his role in advising on defending against the U.S. TV anti-dumping tariffs, Korea's first trade conflict case involving technology companies in the 1980s, and for establishing accounting standards for insolvent banks during the 1997 foreign exchange crisis. A Financial Services Commission official emphasized, "Awards from the Financial Services Commission cannot be received if there is a disciplinary record," and added, "All of Yang's contributions were made during his tenure at Samil Accounting Corporation."

Meanwhile, Professor Choi Jong-hak of Seoul National University received the Geunjeong Medal on Accounting Day for his contributions to enhancing the status of Korean accounting through numerous academic publications and editorial activities in world-renowned academic journals, as well as for contributing to capital market transparency through various government committee activities, including the Securities and Futures Commission.

Additionally, three individuals?Kim Dong-wook, Vice President of Samsung Electronics; Oh Ki-won, CEO of Samil Accounting Corporation; and Kim Cheol-ho, Director of the Accounting Management Bureau at the Financial Supervisory Service?received the Presidential Citation. The Prime Minister's Citation was awarded to Kim Min-chul, President of Doosan, and Professor Han Seung-soo of Korea University.

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