Amid a growing number of Certified Public Accountant (CPA) exam passes who are unable to secure training positions, the Financial Services Commission stated that it will determine an appropriate selection quota by considering supply and demand conditions.
On the 30th, to mark the 9th Accounting Day, the Financial Services Commission held consecutive industry roundtables and a commemorative ceremony at the Lotte Hotel in Jung-gu, Seoul, discussing policy trends in the accounting industry.
Within the accounting industry, voices are emerging that supply stabilization is needed due to the large number of CPA exam passes who have not found training positions. In May, with cooperation from the accounting industry, the Financial Services Commission formulated measures to stabilize CPA training, including expanding training institutions and allocating training positions.
However, industry officials point out that these training stabilization measures alone have limitations in stabilizing the supply and demand of CPAs.
In response, the Financial Services Commission is reviewing the appropriate minimum selection quota for CPAs for 2027 by comprehensively considering factors such as labor demand in the accounting industry, the impact of AI (artificial intelligence) technology on the sector, and predictability for CPA exam candidates.
The final decision on the size of the selection quota is scheduled to be made at the end of November by the CPA Qualification and Disciplinary Committee.
Recent CPA selection quotas increased from 1,100 each in 2022 and 2023 to 1,250 in 2024, and were set at 1,200 in 2025.
A major issue is that declining audit fees are reducing the time invested in audits, which in turn is lowering audit quality. The industry is concerned that reduced audit hours will lead to diminished audit quality and weakened accounting transparency.
The Financial Services Commission (FSC) plans to begin reviewing financial statements within the year for companies at high risk of inadequate audits, such as those where audit hours have dropped sharply compared to a year ago. Next year, it will strengthen management and supervision by further expanding the scope of reviews to alleviate concerns over declining audit quality.
Choi Woon-yeol, president of the Korea Institute of Certified Public Accountants, said, "Since there has been little additional labor demand resulting from accounting reforms following the new External Audit Act, please carefully review the CPA selection quota taking into account factors such as AI's effect in replacing personnel."
Choi also said, "As the season for signing audit contracts approaches, we will also examine at the Institute level whether excessive reductions in audit hours are occurring in contracts."
Representatives of accounting firms agreed to actively participate in discussions on the Basic Accounting Act bill submitted to the National Assembly.
At the commemorative ceremony that day, a total of 145 individuals received awards and commendations for their contributions to enhancing accounting transparency. Former Daegu Regional CPA Society President Lee Jin-bok received an order, and Seoul National University Professor Baek Bok-hyun received a medal. Three individuals, including Shinhan Bank Accounting Department Head Lee Eung-chae, received Presidential Commendations, while five individuals, including Young CPAs Association President Hwang Byung-chan, received Prime Ministerial Commendations.
FSC Chairman Lee Eog-weon said that "accounting transparency is not merely a norm that companies should observe, but core infrastructure driving the leap forward of our economy and national competitiveness."
Lee reaffirmed his commitment to advancing policies such as enacting the Basic Accounting Act, establishing a fair accounting supervision and sanction system, strengthening reviews and supervision of companies with sharply declining audit hours, and laying the foundation for the growth of future accounting professionals.
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