Kia 2009 Annual Report Download - page 64

REDEFINING
MOBILITY
KIA MOTORS
ANNUAL REPORT
2009

REDEFINING
MOBILITY
KIA MOTORS
ANNUAL REPORT
2009

INDEPENDENT ACCOUNTANTS’ REVIEW REPORT ON
INTERNAL ACCOUNTING CONTROL SYSTEM
REPORT ON THE OPERATIONS OF
INTERNAL ACCOUNTING CONTROL SYSTEM
English Translation of a Report Originally Issued in Korean
TO THE PRESIDENT OF
KIA MOTORS CORPORATION:
We have reviewed the accompanying Report on the Operations of Internal Accounting Control System (“IACS”) of Kia Motors Corporation (the
“Company”) as of December 31, 2009. The Company’s management is responsible for designing and maintaining effective IACS and for its
assessment of the eectiveness of IACS. Our responsibility is to review management’s assessment and issue a report based on our review. In the
accompanying report of management’s assessment of IACS, the Company’s management stated: “Based on the assessment on the operations of
the IACS, the Company’s IACS has been eectively designed and is operating as of December 31, 2009, in all material respects, in accordance with
the IACS Framework issued by the Internal Accounting Control System Operation Committee.”
We conducted our review in accordance with IACS Review Standards, issued by the Korean Institute of Certified Public Accountants. Those
Standards require that we plan and perform the review to obtain assurance of a level less than that of an audit as to whether Report on the
Operations of Internal Accounting Control System is free of material misstatement. Our review consists principally of obtaining an understanding
of the Company’s IACS, inquiries of company personnel about the details of the report, and tracing to related documents we considered
necessary in the circumstances. We have not performed an audit and, accordingly, we do not express an audit opinion.
A company’s IACS is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of nancial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations,
however, IACS may not prevent or detect misstatements. Also, projections of any evaluation of eectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Based on our review, nothing has come to our attention that Report on the Operations of Internal Accounting Control System as of December
31, 2009 is not prepared in all material respects, in accordance with IACS Framework issued by the Internal Accounting Control System Operation
Committee.
This report applies to the Company’s IACS in existence as of December 31, 2009. We did not review the Company’s IACS subsequent to December
31, 2009. This report has been prepared for Korean regulatory purposes, pursuant to the External Audit Law, and may not be appropriate for other
purposes or for other users.
TO THE BOARD OF DIRECTORS AND AUDIT COMMITTEE OF
KIA MOTORS CORPORATION:
I, as the Internal Accounting Control Ocer (“IACO”) of Kia Motors Corporation (the “Company”), have assessed the status of the design and
operations of the Company’s Internal Accounting Control System (“IACS”) for the year ended December 31, 2009.
The Company’s management including IACO is responsible for the design and operations of its IACS. I, as the IACO, have assessed whether the
IACS has been eectively designed and is operating to prevent and detect any error or fraud which may cause any misstatement of the nancial
statements, for the purpose of establishing the reliability of nancial reporting and the preparation of nancial statements for external purposes. I,
as the IACO, applied the IACS Framework for the assessment of design and operations of the IACS.
Based on the assessment of the operations of the IACS, the Company’s IACS has been eectively designed and is operating as of December 31,
2009, in all material respects, in accordance with the IACS Framework issued by the Internal Accounting Control System Operation Committee.
NOTICE TO READERS
This report is annexed in relation to the audit of the non-consolidated nancial statements as of December 31, 2009 and the review of internal
accounting control system pursuant to Article 2-3 of the Act on External Audit for Stock Companies of the Republic of Korea.
February 26, 2010
Internal Accounting Control Ocer
Lee, Jea Rok
Chief Executive Ocer
Chung, Sung Eun
January 29, 2010