한국공인회계사회
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News / Press Release

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The third anniversary of the Day of Accounting is held
The third anniversary of the Day of Accounting is held
The KICPA hosted the Day of Accounting, which marked the 3rd anniversary, with attendees from the government and accounting firms. The event was held in a simplified setting due to the COVID-19 and livestreamed via the Youtube channel.  During the event, Byeong-chan Lee, CEO of Seonil Accounting Firm, was presented with the Order of Industrial Service Merit, and 158 persons were honored with the government orders and awards from the President, Prime Minister and other eight governmental ministries and agencies for their commitment and contribution to the development of the accounting industry.  Young-Sik Kim, President of the KICPA, said in welcome remarks that “The KICPA will be committed to promoting the value and significance of accounting and the success of accounting and auditing reform via mutual prosperity of the accounting industry and companies.”
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Current Activities

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  • KICPA raises relief fund for flood victims The KICPA raised a KRW200 million-relief fund for flood victims under the name of 23,000 CPAs. Half of the fund will be donated to the Seoul office of the Korean Red Cross, and half of them will go to regional offices of the Korean Red Cross via regional branches of the KICPA.  Young-sik Kim, President of KICPA, said, “There are many victims battling the double whammy of Covid-19 and floods. I hope the relief fund would be helpful for the victims to get back to the normal routine.”   2020.09.16
  • KICPA announces the Standard Audit Hours (SAH) auditors need to spend The KICPA announced the Standard Audit Hours (SAH) auditors need to spend on 14th February, 2019, in order to improve audit quality and protect stakeholders, including investors. The SAH includes safeguards for audit clients as well to minimize companies’ burdens arising from the implementation of a new scheme. For this, the KICPA opened public hearing twice to collate various opinions from the information provider group and user group. The SAH describes that the increase rate of audit hours should not exceed 30% (50% for companies whose assets exceeding KRW 2 trillion) in case the SAH of a company increases more than 30% (50% for those whose assets exceeding KRW 2 trillion) from that of previous year. In addition, the SAH can be phased in or delayed to companies with assets less than KRW 2 trillion. As for SMEs with assets less than KRW 20 billion, they are exempted.   2019.10.02
  • KICPA announces the Code of Conduct for Professional Accountants The KICPA announced the Code of Conduct for Professional Accountants on 16th October, 2018. The Code was prepared by a TF composed of Big4, SMPs and other relevant stakeholders and approved by the KICPA Council on 12th. The Code describes specifically what professional accountants comply with during which they perform audits. For one, auditors are not allowed to go golfing or entertainment bars/clubs with their clients, even though the bills are paid separately. The Code also includes a provision for the protection of audit clients from unduly costs or documentations.   2019.10.02
  • KICPA publishes practice manual on accounting standards for non-for-profit entities The KICPA co-hosted a book launch event with the KB Kookmin Bank on 4th September in 2018. In March, the KICPA inked the cooperation MoU with the KB Bank to improve accounting transparency of non-for-profit entities and published the practice manual on accounting standards for non-for-profit entities and conducted accounting/taxation trainings to employees in the entities. The manual is designed to support employees of non-for-profit entities that have difficulties with applying accounting standards in practice via provision of illustrative examples. 2019.10.02
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International Affiliations