News / Press Releasemore
Yunjin Oh, appointed as IFAC’s SMPAG member
Yunjin Oh, appointed as IFAC’s SMPAG member□ On September 16th, The Korean Institute of Certified Public Accountants (President Young-Sik Kim) announced that Yunjin Oh is appointed to a member of the Small and Medium Practices Advisory Group (SMPAG) under the International Federation of Accountants (IFAC). The term in office is 3 years and can be reappointed.□ Young-Sik Kim, President of KICPA, said "This appointment is meaningful in that she has entered the International Accounting Organization at a time when the role of small and medium accounting practices has become more important," and that, "Based on her appointment, we will be keen on Asia-specific issues and represent Asian voices and perspectives, thereby making it possible for the KICPA to initiate accounting and auditing issues on the international stage."□ Yunjin Oh said, "It is a great pleasure to be appointed to SMPAG member and I would like to express sincere gratitude to all of those who have supported my nomination. Based on my knowledge and experiences, I will make utmost efforts in enhancing the profile of the Korean accounting industry."□ Domestic figures currently active in the international arena related to accounting and auditing include Yeong-kyun Ahn, board member of International Federation of Accountants (vice president of KICPA): Sung-Nam Kim, member of International Ethics Standards Board (IESBA): Dhal Choi (Samil PwC), member of Accounting Education Panel: and Su-mi Lee (Samil PwC), member of Education Directors’Forum,.In addition, Yong Sok Jhun (Director of Audit Division, Deloitte Anjin LLC), board member of the Asia Pacific Accountants Association (CAPA): Jae Ho Hwang (Deloitte Anjin LLC), member of the CAPA Audit Group: and Seon-Yeong Oh (Auditor of COSMAX BTI), member of the CAPA Ethics Group are serving the international accounting profession.※ Yunjin OhYunjin Oh is currently working in Baker Hilly Woori. From 2006 to 2015, she had worked at Samil PwC and PwC Detroit, and also served as an asset manager and investment firm for several years. ※ Small and Medium Practices Advisory Group (SMPAG)SMPAG is an advisory organization that provides strategic advice on the activities of the International Federation of Accountants as a representative of small medium and practices around the world. To ensure relevance to small medium practices, SMPAG serves, for example, by providing regular and timely advice to the process of establishing international audit standards, etc.※ International Federation of Accountants (IFAC)IFAC is an international organization representing more than 3 million accountants around the world, including 180 accounting professional organizations in 135 countries as members. IFAC serves the public interest by enhancing the reputation and value of the accounting industry.
- 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