Gwangju City Council Appoints Audit Committee Members for Fiscal Year 2020 Settlement Review
[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] The Gwangju Metropolitan Council (Chairman Kim Yong-jip) announced on the 2nd that it held the appointment ceremony for the 2020 fiscal year settlement inspection committee members targeting Gwangju Metropolitan City and the Gwangju Metropolitan Office of Education.
The appointed settlement inspection committee members on this day consist of a total of 10 people: 3 city council members, 3 certified public accountants, 2 tax accountants, 1 former public official, and 1 recommended by a civic organization. Representative committee member was designated as Councilor Choi Young-hwan.
The settlement inspection is based on Article 134 of the Local Autonomy Act and Article 14 of the Local Accounting Act to check whether the budget was executed according to its intended purpose. It is also a financial supervision system aimed at improving the budget formulation and financial management for the following year.
The 2020 fiscal year settlement inspection will be conducted until the 21st, during which the settlement inspection committee members will carry out inspections to verify the appropriateness of financial operations and the efficiency of budget execution, including the settlement of revenues and expenditures of the executing agencies, financial statements, and whether corrective actions were taken on issues pointed out in the previous year's inspection.
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Chairman Kim Yong-jip said, “Despite the challenging financial conditions last year, we formulated a budget exceeding 9 trillion won for Gwangju City and the City Office of Education in 2020 to protect citizens' safety from COVID-19 and heavy rains, alleviate the regional economic downturn, and safeguard students' right to learn. I kindly ask you to thoroughly review whether the hard-earned 2020 budget was used properly throughout the past year.”
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