EY Korea-UK 7th Accounting Transparency Seminar
More than 250 Korean corporate executives, board of directors, and audit committee members attended
Change in the role of the audit committee and presentation of a plan for establishing a risk management system
EY Hanyoung, a global accounting and consulting firm, said it held the “EY Hanyoung 7th Accounting Transparency Seminar” under the theme of “New Risk Environment, Future of Governance” at the FKI Tower Conference Center in Yeouido on the 4th to discuss ways to enhance corporate value through strengthening accounting transparency and governance.
The seminar shared insights on major accounting and internal accounting management system issues, how to respond to sustainability disclosure, and changes in the role of auditors (committees), boards, and management in 2026 in the era of complex risks such as new regulatory environments, amendments to commercial laws, and the spread of artificial intelligence (AI). More than 250 officials from domestic corporate management, board of directors, and audit committee attended.
The seminar began with a welcoming speech by Park Yong-geun, CEO of EY Hanyoung, and a congratulatory speech by Park Min-woo, a standing member of the Securities and Futures Commission. Officials from the Financial Services Commission and the Financial Supervisory Service then introduced policy directions and key tasks of supervisory authorities to enhance accounting transparency.
In the first presentation, Lee Jung-chan, an official at the Financial Services Commission, took the podium under the theme of “Policy Direction to Improve Accounting Transparency.” The officer introduced policy measures to improve the quality of accounting audits, citing recent changes in the environment surrounding accounting audits, such as the implementation of revised commercial laws, expanding the use of AI, and changes in the capital market system.
Lee Jae-hoon, director of the Financial Supervisory Service’s Accounting Supervision 1 Bureau, said, “We will enhance the market’s confidence in our accounting transparency by shortening the supervision cycle and strengthening monetary sanctions on major accounting irregularities.” “The company and management, which are the main agents of financial statements, should also preemptively prevent accounting fraud by communicating transparently with stakeholders through effective internal control establishment and operation and responsible financial statements preparation and disclosure,” he said.
In the EY Korean-English session, Yang Joon-kwon, head of EY Korean-English quality control, explained the impact of recent major changes on financial reporting and settlement and how to respond to accounting issues, from changes in the economic environment and business structure to the implementation of revised commercial laws and the introduction of K-IFRS No. 1118. In addition, it suggested the direction of operation of the internal accounting management system to respond to these changes, and proposed reorganization of the control system based on the use of AI, redesigning authority and responsibility, and strengthening the supervision of the audit committee as key tasks.
In the last session, Chae Soo-wan, a partner in the EY Korean-English consulting sector, presented the role of the audit committee, the establishment of a corporate risk management system, and future governance strategy directions that have changed since the revision of the Commercial Act.
Park Yong-geun, CEO of EY Hanyoung, said, “The risks surrounding companies are becoming more complex due to the revision of the commercial law and the spread of AI, and the role of management, the board of directors, and the audit committee is becoming more important,” adding, “We hope that the measures to strengthen risk management and governance discussed at this seminar helped companies enhance accounting transparency as well as strengthen corporate value and market trust.”
