Bithumb Wins 'Excellence Award' at 2023 Internal Audit Competition
Domestic virtual asset exchange Bithumb announced on the 1st that it won the Excellence Award for the first time in the virtual asset industry at the '2023 Internal Audit Competition.'
Hosted by the Korea Audit Association and the Korea Digital Forensic Experts Association, the Internal Audit Competition was attended by audit practitioners from public institutions, financial institutions, and others. The purpose is to enhance the efficiency and professionalism of internal audits by utilizing digital data in line with the rapidly changing audit environment.
Bithumb, selected for the Excellence Award in this competition, conducted various forms of data analysis using AI-based technologies such as keyword search, GIS (location information verification), STT (speech-to-text conversion), and OCR (character recognition in images) based on a virtual scenario. They detected fraud and corruption issues such as embezzlement and misappropriation of funds, information leakage, false bidding, hiring irregularities, and workplace harassment, solving the given problems and receiving high scores.
The Bithumb Audit Office operates an independent reporting channel to prevent fraudulent activities in advance and suggests improvement measures. In addition, with increasing legal demands for strengthening internal controls, such as the Virtual Asset User Protection Act scheduled to be enforced next year, they plan to continuously inspect and reorganize the internal control system within the company to create an environment where customers can invest with confidence.
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Kim Jin-gyu, head of the Bithumb Audit Office, said, "We plan to strengthen audit capabilities through continuous internal education and training, improve the efficiency of the audit process, and further enhance the transparency of transactions." He added, "These efforts will serve as an important foundation for Bithumb to firmly establish reliability and professionalism within the virtual asset industry."
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