The Korean Institute of Certified Public Accountants said on the 30th that it held the "2nd AI innovation audit and assurance forum" on the 28th under the theme "In-depth analysis of overseas accounting societies' responses to artificial intelligence (AI) and measures for domestic application."
The forum was held as a webinar with more than 500 diverse stakeholders participating.
The AI innovation audit and assurance forum is an event organized by The Korean Institute of Certified Public Accountants to lead innovation in the audit and assurance field in step with advances in AI. This forum focused on overseas cases to discuss more concrete directions for execution and tasks.
On the day, Hanyang University Professors Na Hyeon-jong and Jeong Tae-jin gave a presentation on the theme "In-depth analysis of overseas accounting societies' responses to AI and measures for domestic application."
Through the presentation, it presented ◇ AI use in financial statement audits ◇ the domestic status of AI adoption ◇ international organizations' AI response frameworks ◇ trends in AI responses by overseas accounting societies and regulators ◇ comparisons of AI assurance and verification models ◇ and key issues and implications related to domestic application.
Na said, "Looking at the status of AI adoption, large accounting firms are proactive in developing their own platforms and investing in personnel and education, whereas small and midsize accounting firms face difficulties adopting AI due to burdens such as specialized personnel, expense, and security, widening the gap."
Na added, "The response of international organizations is meaningful in offering a global common denominator, but it has limits in fully reflecting each country's systems and market environments," and emphasized, "Each country's accounting society needs to prepare complementary response measures suited to its own unique context."
Jeong analyzed trends in AI responses by overseas accounting societies and regulators by dividing them into four regions: the United States, the United Kingdom, Singapore and Australia.
Jeong said, "Korea has both the Australia model, which has a member-centered education and support system, and the Singapore model, where supervision authorities and government policy can be linked, so rather than copying overseas cases as they are, there is a need to seek a hybrid model that fits Korea's system."
In the ensuing general discussion, University of Seoul Professor Lee Young-han served as moderator, and Kang Gyeong-jin, executive director at the Korea Listed Companies Association; Kang Dae-min, head of the auditor oversight team at the Financial Supervisory Service; Kang Jin-hwa, executive director at Samdeok Accounting Corporation; Park Won-il, senior managing director at Samjeong Accounting Corporation; Son Dong-chun, senior managing director at EY Hanyoung; Lee Seung-yeong, senior managing director at Anjin Accounting Corporation; Lee Seung-hwan, deputy representative at Samil Accounting Corporation; and Kyung Hee University Professor Lee Jun-il participated as panelists to share views from various sectors.
During the discussion, participants said that for AI technology to take root in audit practice, a paradigm shift in the audit environment and the establishment of institutional foundations that align with it are needed.