Shin Jeong-hoon, a Democratic Party of Korea Commissioner who serves as Chairperson of the National Assembly Public Administration and Security Committee, emphasized that "as local decentralization matures, this is a very important time to build an integrated accounting system across the central government, local governments, and the public and private sectors."
Shin said this while delivering congratulatory remarks at the "2025 Accounting Issues Symposium," held on the 18th at the Westin Josun Hotel in Sogong-dong, Jung-gu, Seoul, under the theme "The need to enact a basic accounting act to enhance accounting transparency across society."
Shin said, "With the new administration having been in office for over 100 days, this symposium addresses a very timely topic that the new administration should review," adding, "a transparent and reliable accounting system is the foundation for people to trust the government and public institutions."
He continued, "The Basic Accounting Act will present integrated accounting principles for accounting-related systems and standards scattered across the for-profit and nonprofit spheres, and will serve as the institutional foundation for building a national-level accounting policy implementation system," adding, "through this, I hope it will be an opportunity for Korea's accounting transparency, which ranks in the lower tier globally, to take another step forward."
Shin also emphasized, "As the legislative branch, the National Assembly will actively respond to the changes and needs of the times and work together to establish an institutional foundation for transparent accounting in government and the private sector."
Shin further pointed out that there are considerable differences in how local governments supervise outsourced projects. He said, "Of the 243 local governments nationwide, the fact that only 40 have adopted a rigorous accounting audit system is an area where institutional improvement is absolutely necessary."
He added, "To address this issue, on 4th I introduced as the lead sponsor an amendment to the Local Autonomy Act that would mandate accounting audits for local government outsourced projects," and said, "I will do my utmost with a sense of responsibility to ensure that this amendment is discussed smoothly in the National Assembly and passed."