Lee Eogwon: "I Feel a Heavy Responsibility for Young Accountants Who Pass but Can't Find Training Placements"

Financial Services Commission Honors 145 for Contributions on Accounting Day

Financial Services Commission Chairman Lee Eogwon said he felt a heavy sense of responsibility for young accountants who recently passed the certified public accountant exam but have been unable to find training placements. He also stressed the need for a qualitative leap, including the enactment of a Framework Act on Accounting, noting that accounting ranked just 55th in a national competitiveness assessment, far below the country’s economic standing.

At the ceremony marking the 9th Accounting Day, held at Lotte Hotel Seoul in Sogong-dong on October 30, Chairman Lee said, "I will carefully review and improve staffing policies and training conditions so that young talent can grow into strong future leaders of Korea’s accounting industry."

Those who pass the certified public accountant exam must complete a period of practical training to register as full-fledged accountants. However, as accounting firms’ recent hiring has fallen short of the number of exam passers, more people have been unable to secure training placements. In response, the Financial Services Commission drew up measures to stabilize CPA training in May this year, but critics have repeatedly said that the measures alone are insufficient to stabilize supply and demand.

These concerns were also raised at a luncheon with the accounting industry before the ceremony. Choi Unyeol, chairman of the Korean Institute of Certified Public Accountants, said, "Since the New External Audit Act, there has been almost no additional demand for staff as a result of accounting reforms." He asked the authorities to "carefully review the number of certified public accountants selected, taking into account the impact of artificial intelligence (AI) on staff replacement." According to the Young Korean Certified Public Accountants Association, about 645 accountants cumulatively remained unassigned and unable to find training placements through 2025. Adding the 1,150 people who passed the exam this year brings the total number of new professionals entering the market to about 1,800.

Chairman Lee also reaffirmed the government’s commitment to consistent policies to drive qualitative improvements in accounting. "Accounting is an honest language that shows the true state of a company and a map that helps investors assess the future," he said. "In this year’s IMD World Competitiveness Ranking, Korea’s accounting sector placed 55th. While that is five places higher than last year, it is still a disappointing result in light of our country’s economic standing." He argued that it was now time to move beyond establishing the institutional framework and achieve a substantive qualitative leap.

First, Chairman Lee said, "We will further strengthen and expand the institutional foundations of accounting in Korea." He added, "We will actively pursue the enactment of the Framework Act on Accounting, a government policy initiative, to improve accounting transparency across society, including in the nonprofit sector not covered by the External Audit Act." He also said, "We will establish a reasonable accounting review, inspection, and sanctions framework that is both rigorous and predictable. " He also outlined plans to step up monitoring through measures such as a whistleblower reward system and to establish a fair accounting oversight environment.

He further pledged, "We will actively strengthen reviews and inspections of companies where there are concerns about deficiencies, such as a sharp decline in audit hours. " He urged company representatives not to regard resources devoted to accounting merely as a "cost," but to view them as an "investment" needed for sustainable corporate growth. He also called on the accounting industry to "actively use innovative digital auditing techniques, including artificial intelligence (AI), while ensuring that sufficient time and personnel are allocated to prevent any decline in audit quality."

He also reiterated the government’s commitment to working with relevant organizations, including the Korea Accounting Standards Board, to ensure that IFRS 18, which changes how operating profit is calculated, is smoothly implemented from next year without causing market confusion.

Meanwhile, the Financial Services Commission presented awards and commendations to a total of 145 people for their contributions to improving accounting transparency. Lee Jinbok, former chairman of the Daegu Regional Institute of Certified Public Accountants, received the Iron Tower Order of Industrial Service Merit, while Professor Baek Bokhyun of Seoul National University received the Geunjeong Medal. Three people received Presidential Commendations: Lee Eungchae, head of the accounting department at Shinhan Bank; Choi Changjung, director at the Financial Supervisory Service; and Lee Gwangyeol, head of the audit division at EY Han Young. Five people received Prime Minister’s Commendations: Hwang Byeongchan, chairman of the Young Korean Certified Public Accountants Association; Professor Ki Eunseon of Kangwon National University; Lee Jonghun, head of management support at CJ Logistics; Park Ilhong, head of the accounting team at the Korea Accounting Standards Board; and attorney Lee Changheon of Hyun Law Firm. 

Other awards presented included the Speaker of the National Assembly’s Citation for Meritorious Service (1 recipient), the Board of Audit and Inspection Chairman’s Commendation (5), the Deputy Prime Minister for Economic Affairs and Minister of Finance and Economy’s Commendation (15), the Minister of the Interior and Safety’s Commendation (4), the Financial Services Commission Chairman’s Commendation (19), the National Tax Service Commissioner’s Commendation (20), the Financial Supervisory Service Governor’s Commendation (12), and the Korean Institute of Certified Public Accountants Chairman’s Commendation (59).

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