Choi Un-yeol, president of The Korean Institute of Certified Public Accountants, said on the 17th, "We will complete the three key legislative tasks of the Basic Accounting Act, the Local Autonomy Act, and the Certified Public Accountant Act." Aimed particularly at the Korean Association of Certified Public Tax Accountants, which is in conflict over the amendment to the Local Autonomy Act, Choi said, "Let's discuss this candidly."
At a press briefing held in Yeouido, Seoul, that day, Choi said, "Starting my second term today, I feel a heavier sense of responsibility than ever," adding, "Based on the experience and achievements built up over two years, I will move more quickly to complete the tasks facing our association and the accounting industry."
Choi was reappointed as the 48th president at the 72nd regular general meeting of The Korean Institute of Certified Public Accountants held that day.
The key priorities for the second term are: ▲ completing the three core legislative tasks, including the Basic Accounting Act, the Local Autonomy Act, and the Certified Public Accountant Act ▲ preventing declines in audit quality due to excessive competition ▲ resolving the issue of unassigned accountants.
In particular, addressing the Korean Association of Certified Public Tax Accountants, which opposes the amendments to the Local Autonomy Act, Choi said, "I propose to the head of the tax accountants' association: let's meet, put our heads together, and talk," adding, "Let's form a working-level team and lay out every issue candidly for discussion."
Choi also said, "If a meeting is unwelcome, then at least let's form a working-level team of tax accountants and accountants to debate and find a way to coexist within the bounds allowed by law and principle."
On concerns that audit quality could deteriorate due to excessive competition after the introduction of the designated auditor system, Choi said, "As we moved from three years under the designated system to a free engagement system, excessive competition among accounting firms has emerged in practice," adding, "Many problems are actually occurring, and we must prevent declines in audit quality caused by excessive competition."
On the appropriate number of accountants to be selected and the issue of unassigned accountants, Choi said, "Given the current size of the economy, it seems clear that 1,150 successful candidates is excessive."
Choi continued, "Research indicates that the appropriate number of accountants for the size of the Korean economy is 700 to 800," adding, "When the number of candidates to be selected is determined in Nov., our association will work actively to ensure this is taken into full consideration."
On the recent wave of changes in the accounting industry using artificial intelligence (AI), Choi said, "We will treat this not as a crisis but as a new growth opportunity, swiftly refining the relevant standards and systems needed for an AI audit environment and actively identifying new business areas created by advances in AI technology."