|Subject||KICPA President was reelected|
At the 56th annual general meeting of KICPA on June 15, 2010, Mr. Ouhyung, Kwon was reelected as KICPA president.
He said “I think that the successful election results indicate that KICPA members want me to continue to push forward with my initiatives to solve issues confronting the accounting profession. Drawing on brilliant ideas and input of other candidates, I will work with them to raise the status of the profession.”
He took office as the KICPA president in 2008 . He has also served as the president of Samduk accounting firm and chairman of the Korea Accounting Institute's board of directors.
He won 3,380 votes, or 63% of the total 5,358 votes cast at the election. It is the first time that more than 5,000 votes are cast in the history of the KICPA president election. Kang, Sung-Won earned 1,207 votes, remaining as the distant second. The new term begins on the election day and lasts until June 15 2012. The president is not allowed to serve more than three consecutive terms.
Kwon stressed that he is determined to improve professional liability for auditors and prevent appraisal experts from dominating the fair valuation business during his new term. He said " As for audit engagaement, my first priority is to revise the external audit act and the capital market act to introduce proportionate liability for auditors, replacing the current joint and several liability in an effort to reduce burden on accountants. I will also work to ensure that accountants can offer fair valuation services as the country transitions to IFRS, not allowing appraisal experts to dominate such services."
As for the KICPA organization, he said that he will restructure the organization to better serve its 13,000 members. In particular, he will push for appointing a female vice president to empower female members.
Yoo, Young-Chul, the former vice chairman of the KICPA audit team association, was elected as the vice president of KICPA. And Choi, Jong-Man and Choi, Mun-Won were appointed as auditors.
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