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).