WTF’s Accounting System Upgraded to International Standards, Says Thai WTF Treasurer
“I do appreciate the WTF’s efforts for improving its accounting system in accordance with the general accounting principles practiced globally,” said Mr. Pricha. “I am happy to announce that the WTF has upgraded its internal auditing by hiring Ernst & Young, a world-class auditing company.”
The Thai WTF treasurer arrived in Seoul on May 4 for a four-day visit to scrutinize the WTF’s balance sheets for 2005 and 2006, and budget for 2007, which will be reported to the General Assembly in Beijing, China, on May 17.
Mr. Pricha, who was appointed as the WTF treasurer in 2005, also serves as vice president of Thailand’s national taekwondo governing body.
Under a revised WTF Rules and Regulations, the WTF has to make its financial report annually to its General Assembly, which would help make the management of the WTF’s financial matters more transparent.
“This is the first time that the WTF has hired a world-class auditing company for internal auditing, which completely checked all the finance and balance sheets,” he said.
Mr. Pricha said the WTF’s upgraded financial transparency and fairer refereeing system would help consolidate taekwondo’s status as an Olympic status in the international sports community. “The upgraded financial transparency and refereeing would combine to help promote taekwondo’s position from IOC TV rights Category D to Category C and B not in the distant future.”