Korail and Railroad Corporation Join Forces to Strengthen Audit Capabilities and Risk Management

Korea Railroad Corporation (KORAIL) and the Korea Rail Network Authority signed a joint audit agreement between specialized railway institutions on the 30th to enhance audit expertise and risk management.

Kwon Se-ho, Standing Auditor of Korail (fourth from the left), and Yoo Byung-ho, Standing Auditor of the Korea Rail Network Authority (fifth from the left), are posing for a commemorative photo after signing a business agreement to enhance audit capabilities at the joint railway office building on the afternoon of the 30th. / Photo by Korail

Through this agreement, the two organizations agreed to establish a mutually organic cooperation system including ▲exchange of audit techniques to secure auditor expertise ▲implementation of cross-audits in specialized fields ▲sharing of excellent policies to prevent corruption and spread a culture of integrity ▲expansion of exchanges for management innovation and realization of social value.

They will also further strengthen audit capabilities and risk management systems across railway construction and operations. In particular, they agreed on building a comprehensive audit system that can preemptively block potential risks such as budget waste, safety accidents, unfair contracts, and corruption. To prepare detailed implementation plans, a 'Practical Audit Work Council' will be formed and operated to enhance the execution power of the agreement.

Kwon Se-ho, Standing Auditor of KORAIL, said, "We expect the professional audit capabilities of the two institutions to improve qualitatively through this agreement," adding, "Based on deep insights, we will proactively respond to risks across the railway industry and lead sustainable development of the railway industry through future-oriented and value-centered audits."

Yoo Byung-ho, Standing Auditor of the Korea Rail Network Authority, said, "This agreement will strengthen the audit capabilities of the two institutions and is expected to enhance the fairness and integrity of railway projects," adding, "We will continue to perform professional and transparent audit work to gain public trust and advance as a public institution that leads social responsibility."

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