Korea National Oil Corporation-KOTRA-Korea Environment Corporation, Collaboration Audit Conducted

Continuous Efforts to Strengthen Audit Expertise and Improve Audit Quality

Overseas Organizations, Safety and Environmental Management in Stockpile Bases, etc.

Korea National Oil Corporation (KNOC) has been expanding collaborative audits among public institutions to enhance audit quality, conducting joint overseas project collaboration audits and safety inspections at storage bases with two organizations, Korea Trade-Investment Promotion Agency (KOTRA) and Korea Environment Corporation, respectively, in November.

Korea National Oil Corporation's Choi Hyung-joo, Standing Auditor (5th from left), and Korea Environment Corporation's Lee Se-gul, Standing Auditor (4th from left), along with officials in charge of practical work, are taking a commemorative photo after the signing ceremony. Photo by Korea National Oil Corporation

From November 4 to 13, KNOC conducted an internal audit on its Kazakhstan projects, during which KOTRA provided operational support through local experts for Russian and Kazakh language interpretation, interpretation and application of local laws, and investigation of overseas institutional cases.

Through this, KNOC was able to receive substantial assistance in deriving improvement tasks aimed at advancing the internal control system, including managing local conflict of interest risks.

Additionally, from November 27 to 29, KNOC and Korea Environment Corporation jointly conducted a safety inspection at the Guri oil storage base to assess the appropriateness of environmental pollution prevention activities at the storage facility. KNOC evaluated that this joint safety inspection greatly contributed not only to strengthening on-site safety management capabilities but also to enhancing the operational capacity of pollution prevention facilities.

Korea National Oil Corporation, KOTRA, and 11 other public institutions sign a joint agreement on audit work to advance internal control in overseas offices. Photo by Korea National Oil Corporation

Since his appointment in December last year, Park Gong-woo, Standing Auditor of Korea National Oil Corporation, has emphasized ‘system maintenance’ and ‘transition of audit methods,’ and continues to make efforts to improve audit expertise and audit quality through promoting audit work exchanges among public institutions.

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