APEC Economy: Korea

As of December 2011, no response had been received from Korea to the APEC Accounting Services Initiative questionnaire. Limited information from publicly available sources is provided below.

Accountancy Services – General background

In the Republic of Korea, provision of accountancy services requires a license from both a regulatory body and a professional accounting body.
The provision of the following accountancy services requires a license from a regulatory body:

Licensing Requirements

The contact details of the organisation(s) that control the licensing of accountants and the applicable regulations to licensing in this economy are as follows:

Organisation:

Ministry of Finance - Financial Services Commission

Address:

97 Yeoui-daero,

Address 2:

Yougdeungpo-gu

State:

Seoul

Economy:

Korea

Phone number:

+82-2-2156-8000

Website:

http://www.fsc.go.kr/eng/index.jsp

Persons who possess a CPA qualification must register with the Financial Services Commission to practice as a CPA pursuant to the CPA Act.
The CPA Act, requires CPAs to renew his/her registration with the Financial Services Commission every 5 years.
KICPA is entrusted by the Financial Services Commission to take control of affairs governing the CPA registration and renewal.
Any person eligible to become an external auditor shall be either an accounting corporation under the Certified Public Accountant Act or an audit team registered with the Korean Institute of Certified Public Accountants, and the Minister of Finance and Economy may make any restriction, pursuant to the kind and scale of external auditors, on the scope of companies eligible to make an audit.

Licensing of Foreign Nationals

Unable to determine.

Limited Licence

Unable to determine.

Professional Accounting Bodies

A separate license is required from the local professional body in order to provide professional accountancy services in this economy.
There is one recognised professional accounting bodies in this economy:
Organisation 1:

Organisation:

Korean Institute of Certified Public Accountants

Address:

KICPA Building,

Address 2:

185-10 Chungjongno 2Ga Seodaemun-Ku

State:

Seoul

ZIP/ Postcode:

120-012

Economy:

Republic of Korea

Email address:

global@kicpa.or.kr

Phone number:
& Fax number:

+82 2 3149 0100
+82 2 3149 0203

Website:

http://www.kicpa.or.kr

Levels of membership

Regular Member
Associate Member
Honorary Member

Eligibility to other bodies in the APEC economies

Not specified

Alliance & MOUs

KICPA signed an MOU with the Institute of Internal Auditors (IIA)

Temporary practice arrangements

Unable to determine.

Rules on firms and commercial association

Unable to determine.

Other regulatory issues

Unable to determine.

Additional information relevant to the Accounting profession

Unable to determine.

Contact Details

Not available.