KT&G Receives 'Best Private Sector Internal Audit Institution Award'

KT&G received the 'Best Institution Award in the Private Sector for Internal Audit' at the '2020 Audit Awards Ceremony' hosted by the Korea Audit Association on the 29th. The photo shows Hyungcheol Cha, Head of KT&G Audit Planning Office (right), taking a commemorative photo with Taeryong Moon, President of the Korea Audit Association (left), after receiving the award. Photo by XXX

[Asia Economy Reporter Lim Hye-sun] KT&G received the 'Best Institution Award in the Private Sector for Internal Audit' at the 2020 Audit Awards ceremony hosted by the Korea Audit Association on the 29th.

This awards ceremony was held to encourage institutions that contributed to social development through excellent internal audits and compliance monitoring last year. KT&G was highly evaluated for strengthening the transparency of management activities through internal audit activities that meet global standards.

Earlier, Baek Bok-in, who took office in October 2015, emphasized ethical management as the top priority value and carried out an organizational restructuring in February 2016, upgrading the Ethical Management Office to the Ethical Management Audit Team. The internal audit organization’s professionalism and independence were strengthened by transitioning to a system directly under the Audit Committee.

Since then, KT&G’s Ethical Management Audit Team has selected key inspection items by business sector to prevent risk factors in advance and established an audit portal system that allows continuous monitoring. In particular, they have worked hard to create a flawless audit work environment by regularly updating internal audit regulations and audit work manuals.

Especially since 2019, KT&G has been operating an audit expert training course to cultivate outstanding audit talent. Through this, they are nurturing audit experts equipped not only with practical skills such as audit planning, execution, and follow-up management but also qualities like a sense of mission, fairness, and analytical thinking. This training program was selected as an ‘Excellent Education Case’ at a forum hosted by the Korea HRD Association last year.

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