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Ouhyung Kwon has been elected for a second
term as president of the Korean Institute of Certified Public
Accountants (KICPA).

Kwon said his election is an indication that
KICPA members want him to continue to push forward with his ideas
to solve issues confronting the accounting profession.

“[Regarding] audit engagement, 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,” Kwon said.

“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.”

Kwon also plans to restructure the KICPA to
better serve its 13,000 members.

In particular, he will push for appointing a
female vice president.

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By GlobalData

Kwon was first elected as KICPA president in
2008. His new term will run until June 2012.

A KICPA president cannot serve more than three
consecutive terms.