Financial Services Commission (FSC) launched the Government-Industry Joint Committee (the “Committee”) for the purposes of advancing the accounting service industryand the initial kick-off meeting was held on May 13th. Mr. Heung-Ju Hwang, Managing Partner ofHorwath Choongjung LLC, will participate in resolving major issues submitted by the subcommittees as a member of the Committee.
The government has drawn up a plan to advance the accounting service industry in an effort to boost accounting transparency in Korea.
Je-Yoon Shin, Vice Chairman of FSC and In-Man Song, Vice President of Sungkyunkwan University, are appointed as the joint chairman of the Committee. The Committee puts an emphasis on reforming accounting supervisory system, raising competitiveness of accounting firms and nurturing professionals. FSC is scheduled to prepare a detailed strategy covering accounting supervisory system reform and other agenda by the end of July 2011 and based on this, plans for advancement on accounting service industry will be announced in August 2011.