Yang Kyung-sook: "Board of Audit and Inspection's Untimely Detection of Accounting Errors Costs 10 Trillion Won Annually"

[Asia Economy Reporter Koo Chae-eun] It has been revealed that accounting errors amounting to 90 trillion won were not detected in time by the Board of Audit and Inspection over the past nine years. This averages about 10 trillion won annually. The Board of Audit and Inspection identifies errors through annual revenue and expenditure settlement audits. Failure to accurately detect accounting errors undermines the reliability of the national financial statements.

On the 11th, Rep. Yang Kyung-sook of the Democratic Party analyzed data from the National Assembly Budget Office and found that accounting errors (prior period error correction gains and losses) not timely identified by the Board of Audit and Inspection from 2012 to 2020 totaled 90.4 trillion won. By year, the amounts were 12.6 trillion won in 2012, 4.4 trillion won in 2013, 13.6 trillion won in 2014, 11.9 trillion won in 2015, and so on. In 2016, it was 7.3 trillion won; 15.9 trillion won in 2017; 8.8 trillion won in 2018; 6.9 trillion won in 2019; and 9 trillion won last year, hovering around 10 trillion won annually.

From 2012 to 2020, by ministry, the Ministry of Land, Infrastructure and Transport had the highest amount at 33.2 trillion won, followed by the Ministry of National Defense with 28.1 trillion won, the Ministry of Oceans and Fisheries with 8.8 trillion won, and the Ministry of Agriculture, Food and Rural Affairs with 5 trillion won. Rep. Yang pointed out, "The Board of Audit and Inspection has failed to detect accounting errors worth 10 trillion won annually in a timely manner. This could undermine the credibility of national accounting."

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