Korean Institute of Certified Public Accountants
Member | Established: 1954 | Member
The Korean Institute of Certified Public Accountants (KICPA) was established in 1954 and is recognized under the Certified Public Accountants Act (CPA Act). The KICPA is the sole organization representing the profession in Korea and any individual who wishes to use the designation of and practice as a Certified Public Accountant (CPA) must be a member. KICPA’s responsibilities include: registering CPAs, setting auditing standards to be applied in Korea, setting ethical requirements to be observed by CPAs, establishing continuing professional development (CPD) requirements for its members, and administering both a quality assurance (QA) and investigative and disciplinary (I&D) mechanism.
In addition to membership of IFAC, KICPA is a member of the Confederation of Asian and Pacific Accountants (CAPA).
Contact
KICPA Building, 185-10 Chungjongno 2GaSeodaemun-Ku, 120-012 Seoul
Korea, Republic of
Tel: 82-2/3149.0100
Fax: 82-2/3149.0289
global@kicpa.or.kr
http://www.kicpa.or.kr
Statements of Membership Obligations (SMOs)
Last updated: 12/2018
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The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.
Status of Fulfillment
In Korea, the responsibility for quality assurance (QA) reviews rests with the Securities and Futures Commission (SFC), operating under the oversight of the Financial Services Commission (FSC). The SFC has delegated the...
In Korea, the Certified Public Accountant Act (CPA Act) establishes initial professional development (IPD) and continuing professional development (CPD) requirements for Certified Public Accountants (CPAs), which seem to...
Under the Act on External Audit of Stock Companies, the Financial Services Commission (FSC) is responsible for setting auditing standards to be applied in Korea. The FSC has delegated this function to the Korean Auditing...
Under the Certified Public Accountant Act (CPA Act), the KICPA is responsible for establishing mandatory ethical requirements for Certified Public Accountants (CPAs). As reported on KICPA’s website, the Ethics Standard...
Under the National Accounting Act of 2007 and the Local Accounting Act of 2016, the Ministry of Strategy and Finance (MSF) and the Ministry of the Interior and Safety (MIS) are responsible for establishing public sector...
In Korea, both the Financial Services Commission (FSC) and KICPA are responsible for establishing investigative and disciplinary (I&D) systems. Under the Certified Public Accountant Act (CPA Act), the FSC is responsible...
Under the Act on External Audit of Stock Companies, the Korean Accounting Standards Board (KASB) is responsible for establishing accounting standards to be applied in Korea. The KASB issues the Korea International...
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