From Singapore To South Korea

TAKEAWAYS

• The Singapore financial sector is characterised by rigorous standards and innovative approaches, which has honed the requisite skills in regulatory compliance, risk management, and strategic advisory.
• The Singapore experience, particularly in embracing technological tools and ethical practices, has proven invaluable in navigating a different financial landscape.
• A key role as ISCA Chapter Chairperson is to foster a community of accountants who are adept at navigating both Singapore and South Korea’s regulatory frameworks.

As a professional accountant who has spent a significant portion of my career in Singapore before returning to South Korea, I have experienced firsthand the dynamic nature of the accounting profession across different cultural and regulatory landscapes. My journey, which includes my current role as Chairperson of the Institute of Singapore Chartered Accountants (ISCA)’s South Korea Chapter, has provided me with unique insights into the evolving demands and opportunities within our field.

MOVING FROM SINGAPORE TO SOUTH KOREA

Having worked as an auditor in Singapore for many years, I am well acquainted with the rigorous standards and innovative approaches that characterise the Singapore financial sector. The experience has honed my skills in regulatory compliance, risk management, and strategic advisory, aligning with Singapore’s reputation as a global financial hub. The city-state’s emphasis on transparency and technological advancement in accounting practices sets a high benchmark for my professional conduct.

Upon returning to South Korea, I was met with both familiar and novel challenges. While the core principles of accounting remain universal, the application and regulatory environment in South Korea presented unique aspects. The emphasis here is on meticulous detail and adherence to stringent local regulations, reflecting South Korea’s robust and complex financial landscape. My Singapore experience, particularly in embracing technological tools and ethical practices, proved invaluable in navigating these challenges.

LEADING AS CHAPTER CHAIRPERSON

As Chairperson of ISCA’s South Korea Chapter, I am tasked with bridging the professionals between Singapore and South Korea. The role involves fostering a community of accountants who are adept at navigating both Singapore and South Korea’s regulatory frameworks. Organising networking events has been a core part of this role. These activities are designed to keep our members updated on the latest developments in ISCA, as well as in the international accounting standards, technological advancements, and ethical practices. By facilitating the communication route, the members here are well informed about recent updates from ISCA, and actively share their professional experiences in South Korea.

EMBRACING TECHNOLOGICAL ADVANCEMENTS

One of the significant shifts I have observed in both Singapore and South Korea is the increasing reliance on digital technologies. The integration of artificial intelligence (AI), blockchain, and data analytics into accounting practices has revolutionised our profession. Understanding and leveraging these technologies is no longer optional but essential for staying competitive in the global market.

For instance, blockchain technology offers enhanced security and transparency in financial transactions, a feature that both the Singaporean and South Korean markets are keen to exploit. Accounting professionals, by gaining proficiency in such technologies, not only enhance our individual capabilities but also contribute to the broader goal of elevating the profession as a whole.

CULTURAL INSIGHTS AND PROFESSIONAL GROWTH

Working across two distinct cultures has enriched my professional journey immensely. In Singapore, the diverse and multicultural environment fostered a global perspective on business practices and ethics. Returning to South Korea, I have found that blending this global outlook with local expertise creates a unique synergy that benefits clients and stakeholders.

In conclusion, my experience of moving from Singapore to South Korea, and serving as an ISCA Chapter Chairperson, has underscored the importance of adaptability, continuous learning, and ethical integrity in our profession. By embracing these values, we can navigate the complexities of different regulatory landscapes and drive the accounting profession forward.

The future of accounting lies in our ability to integrate technological advancements with unwavering ethical standards, ensuring transparency and trust in all our financial endeavours.

Kristin Yoon Sook Kim, CA (Singapore), is APAC Regional Executive Director, Nexia International; and Chairperson, ISCA South Korea Chapter.