Busan City Implements '2023 Fiscal Year Settlement Audit'

Inspection of Revenue, Expenditure, Financial Statements, and Performance Reports for Fiscal Year 2023 from 2nd to 16th

Settlement Inspection Committee Composed of 12 Members Including 3 City Councilors, 7 Accountants, and 2 Tax Accountants

Busan City will conduct a settlement audit of the 2023 fiscal year’s revenue and expenditure settlement, financial statements, and performance reports for 15 days from the 2nd to May 16.

2023 Fiscal Year Audit Inspection.

The settlement is the final stage of the budget process, confirming and aggregating the execution results of the revenue and expenditure budget for the fiscal year.

The settlement audit committee members appointed by the City Council review the legality and appropriateness of financial management.

For the 2023 fiscal year settlement audit, the Busan City Council appointed a total of 12 settlement audit committee members, including 3 city council members, 7 accountants, and 2 tax accountants.

The settlement audit committee members are appointed by the City Council in accordance with related regulations such as the “Enforcement Decree of the Local Autonomy Act” and the “Ordinance on the Appointment and Operation of Busan Metropolitan City Settlement Audit Committee Members.”

The chief settlement audit committee member is Jeong Chae-suk, Chairperson of the Budget and Settlement Special Committee, and the settlement audit committee members include Kim Tae-hyo, Vice Chairperson of the Budget and Settlement Special Committee, Yang Jun-mo, and seven accountants and two tax accountants with extensive experience in their respective fields.

The newly appointed settlement audit committee members will review the appropriateness of financial management and the efficiency of budget execution in accordance with relevant laws and regulations.

The audit committee members will thoroughly examine supporting documents according to the audit schedule, including the settlement of revenue and expenditure, fund settlements, financial statements, performance reports, attachments to the settlement documents, and the settlement of the treasury, checking for any violations of related laws and regulations.

Song Kyung-joo, Director of the City Planning and Coordination Office, stated, “Through this ‘2023 Fiscal Year Settlement Audit,’ we plan to strengthen the reliability and accountability of financial execution results, identify and improve issues in budget execution, thereby enhancing the efficiency and transparency of financial management.”

After completing the settlement audit, the city will submit the settlement proposal to the City Council for approval by May 31, attaching the audit opinion report, and will obtain approval and announce it during the first regular session of the City Council in June.

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