5 candidates vying to lead KICPA

From left are Samil PwC CEO Kim Young-sik, Deloitte Anjin Vice Chairman Chung Min-keun, Rep. Chae Yi-bai of the minor opposition Party for People's Livelihoods, Shinhan Accounting Corporation managing partner Choi Jong-man and Chung-Ang University professor Hwang In-tae. / Yonhap

By Park Jae-hyuk

A record five candidates began a fierce competition to become the president of the Korean Institute of Certified Public Accounts (KICPA).

According to the lobby group for accounting and tax experts, Sunday, they are Samil PwC CEO Kim Young-sik, Deloitte Anjin Vice Chairman Chung Min-keun, Rep. Chae Yi-bai of the minor opposition Party for People's Livelihoods, Shinhan Accounting Corporation managing partner Choi Jong-man and Chung-Ang University professor Hwang In-tae.

The election is slated for June 17.

During the KICPA's previous elections, there were only two or three candidates.

As candidates coming from large accounting firms have generally won the elections amid low voter turnouts, Kim has been regarded as the strongest candidate for the forthcoming election.

The Samil PwC CEO promised to establish a knowledge-sharing platform, reduce the number of newly certified public accounts and finalize the accounting reforms.

“I will make the KICPA bring happiness to our members,” he said.

The institute's decision to hold an electronic vote to prevent the spread of the coronavirus, however, made it difficult to predict the winner as the new system will likely raise the voter turnout, as accountants working for financial authorities and non-accounting firms have been able to cast their ballots using mobile devices and computers.

This resulted in the record number of candidates, although the position has been less financially attractive.

The KICPA recently cut the annual salary of its president to 50 million won ($40,000) from 300 million won and raised the amount of deposit to 50 million won from 10 million won. If a candidate fails to get more than 10 percent of the vote, he will lose his deposit.

Against this backdrop, Chae has been mentioned as the one who will benefit from a high voter turnout.

The lawmaker of the 20th National Assembly has been popular with young accountants in their 20s and 30s, who account for more than 60 percent of the KICPA's 22,000 members.

In 2017, a revision of the Act on External Audit of Stock Companies that the politician proposed was passed, leading more businesses to get external audits by accounting firms.

“As the one who proposed the new law, I will protect it from critics,” he told reporters after registering as a candidate for the KICPA president last Monday.