Private School Pension Service Establishes Emergency Plan for Audit Operations Amid COVID-19 Spread

[Asia Economy Reporter Park Jihwan] The Private School Teachers' Pension Service announced on the 14th that it will establish and operate a situation-specific 'Audit Contingency Plan' to ensure continuous audit operations by minimizing gaps in audit work during emergencies such as the spread of the COVID-19 virus.

The newly established audit contingency plan was promoted not only to respond to COVID-19 but also to prepare for disaster situations such as floods and earthquakes. It aims to establish step-by-step recommended work modes (remote work) implementation plans and measures to minimize personnel gaps.

The main contents of the contingency plan include △utilizing video conferencing systems to expand non-face-to-face audits and converting audit consultative bodies to non-face-to-face meetings △implementing a multiple (3-line) review system where deputy or co-auditors perform duties in the absence of the primary auditor △establishing an emergency contact network through online communication channels (KakaoTalk, Band, etc.) △and criteria for handling routine audit tasks during emergencies.

Bae Oesuk, Standing Auditor of the Private School Pension Service, stated, "The contingency plan was established to prevent any gaps in audit work in preparation for the resurgence of COVID-19," adding, "It will serve as the foundation for an audit system capable of responding to infectious diseases and disaster situations, and we will further develop it to establish a new audit operation base for the post-COVID-19 era."

This content was produced with the assistance of AI translation services.