The Korea Accounting Association noted that Han Sang Lee, the chairman of the Korea Accounting Standards Board, has been appointed as a Commissioner of the Public Interest Oversight Board (PIOB) on the 21st. The term commenced in January this year and lasts for three years, with the possibility of reappointment.
The PIOB is an international organization that oversees whether the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) develop and revise international auditing and ethical standards in alignment with the public interest for the worldwide performance of certified accountants. It plays a critical role in ensuring the transparency and reliability of international standards by overseeing the entire process of appointing IAASB and IESBA Commissioners.
Chairman Han Sang Lee said, "I am pleased to be appointed as the first Korean Commissioner of the PIOB," and added, "I will diligently oversee to ensure that the international standards for auditing, certification, ethics, and independence developed by the IAASB and IESBA serve the public interest and provide service."
He further noted, "I will work hard to ensure that the voices of various stakeholders, including the Korean accounting industry, are reflected on current major issues such as sustainability, accounting fraud, going concern, public interest entities, and information technology."
An official from the Korea Accounting Association said, "The appointment of Chairman Han Sang Lee as a PIOB Commissioner has significantly elevated the global status of Korea's accounting and auditing industry," adding, "We expect this will serve as an important foothold for contributing to the development of international standards for the public interest."
Notable figures currently active on the international stage concerning accounting and auditing include Kim Seong-nam, an IESBA Commissioner (former auditor of the Korea Accounting Association), and Ahn Young-kyun, a board member of the International Federation of Accountants (IFAC) (former vice chairman of the Korea Accounting Association). Additionally, Lee Soo-mi, a Commissioner of the IFAC International Panel of Accounting Education (IPAE) (permanent commissioner of the Korea Accounting Standards Board), Yun Jong-won, a Commissioner of the IFAC SMP Advisory Group (SMPAG) (Daewoo Accounting Corporation), and Jeon Yong-seok, the vice president of the Confederation of Asian and Pacific Accountants (CAPA) (Anjin Accounting Corporation), are also active.