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Independent Accountants’ Review Report
on Internal Accounting Control System
English Translation of a Report Originally Issued in Korean
This report is annexed in relation to the audit of the non-consolidated financial statements as of December 31, 2010 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.
Notice to Readers
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, 2010. The Company’s management is responsible for designing and maintaining
effective IACS and for its assessment of the effectiveness 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 effectively designed and is operating as of
December 31, 2010, 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 financial 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 effectiveness 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, 2010 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, 2010. We did not review the Company’s IACS subsequent to
December 31, 2010. 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.
February 22, 2011
Report on the Operations of
Internal Accounting Control System
To the Board of Directors and Audit Committee of
Kia Motors Corporation:
I, as the Internal Accounting Control Officer (“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, 2010.
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 effectively designed and is operating to prevent and detect any error or fraud which may cause any
misstatement of the financial statements, for the purpose of establishing the reliability of financial reporting and the preparation of
financial 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 effectively designed and is operating as of
December 31, 2010, in all material respects, in accordance with the IACS Framework issued by the Internal Accounting Control System
Operation Committee.
Internal Accounting Control Officer
Lee, Jea Rok
Chief Executive Officer
Seo, Young Jong
January 28, 2011
120 COMPONENTS OF SUSTAINABLE GROWTH 121
KIA MOTORS ANNUAL REPORT 2010