WTF’s Accounting System Improved to Meet Global Accounting Standards, Says Thai WTF Treasurer
“I am happy to announce that the WTF’s accounting system has greatly improved and is up to the global accounting standards,” said Mr. Pricha.
Mr. Pricha, who was appointed by WTF President Chungwon Choue as the WTF treasurer in 2005 at the strong recommendation of Thai IOC Member Nat Indrapana, arrived in Seoul on March 13 for a three-day visit to scrutinize the WTF’s balance sheet for the year 2007 and budget for 2008.
Mr. Pricha, who serves as vice president of Thailand’s national taekwondo governing body, also visited the WTF headquarters in May 2007 to scrutinize the WTF’s balance sheets for 2005 and 2006 and budget for 2007.
“I verify that the actual spending was in accordance with the budgeting approve by the General Assembly in Beijing, China, on May 17, 2007,” Mr. Pricha said. “I hereby confirm that the vouchers and receipts are accurate, and that I have prepared the balance sheets of the WTF in accordance with the general accounting principles practiced globally.”
Under a revised WTF Rules and Regulations in 2005, the WTF makes an annual financial report to its General Assembly, which has greatly helped the management of the WTF’s financial matters more transparent.
Since 2006, the WTF has hired a world-class auditing company of Ernst & Young for internal auditing.
“Given our upgraded financial transparency and fairer refereeing system, I hope in the year 2009 the WTF will receive another promotion for IOC TV rights revenues from Category D to Category C,” Mr. Pricha said. “I am glad that the WTF has done a great job on its refereeing and judging system. In the past years, everybody had headaches with protests, but now the system has totally improved.”
He said, “As long as the WTF’s financial and refereeing matters are concerned, the WTF is on the right track and I have full confidence in WTF President Chungwon Choue. I give my wholehearted support to him.”