Korea Local Finance Association and Three Other Organizations Join Hands for Anti-Corruption and Integrity Cooperation

Korea Local Finance Association, Incheon International Airport Corporation, Korea Land and Housing Corporation, and Korea Midland Power
Four-Party Business Agreement Signed to Enhance Audit Expertise and Strengthen Anti-Corruption Cooperation

The Korea Local Finance Association (Chairman: Jung Sunyong, hereinafter referred to as the Association) announced that on October 16, under the supervision of Standing Auditor Jung Songhak, it signed a business agreement at the Local Finance Hall to enhance audit expertise and strengthen anti-corruption cooperation.

Jung Songhak, Standing Auditor of the Korea Local Finance Association, signed a business agreement on the 16th to enhance audit expertise and strengthen anti-corruption cooperation among public sector internal audit organizations. From the left in the photo are Lee Yongwoo, Standing Audit Committee Member of Korea Midland Power; Lee Beomrae, Standing Audit Committee Member of Korea Land and Housing Corporation; Jang Jonghyun, Standing Audit Committee Member of Incheon International Airport Corporation; and Jung Songhak, Standing Auditor of the Korea Local Finance Association. Provided by Korea Local Finance Association. Photo by Korea Local Finance Association

This agreement involved four organizations: the Korea Local Finance Association (Standing Auditor Jung Songhak), Incheon International Airport Corporation (Standing Audit Committee Member Jang Jonghyun), Korea Land and Housing Corporation (Standing Audit Committee Member Lee Beomrae), and Korea Midland Power (Standing Audit Committee Member Lee Yongwoo).

The agreement was established to improve audit outcomes and promote anti-corruption and integrity culture through mutual cooperation among internal audit organizations in the public sector, in line with the expanding role of public audits.

The main points of the business agreement signed by the four organizations are as follows: ▲ Establishment of a practical cooperation system to share audit strategies, techniques, and best practices in anti-corruption and integrity activities among internal audit organizations ▲ Development of experts to advance preemptive audits and consulting/coaching audit systems and to encourage proactive administration ▲ Enhancement of audit expertise and effectiveness of anti-corruption and integrity activities ▲ Laying the foundation for mutual cooperation to respond to changes in the internal and external management environment and to meet public trust.

Jung Songhak, Standing Auditor of the Association, stated, "With this agreement, we expect to strengthen audit expertise and improve the quality of public audits. Going forward, we will continue to implement anti-corruption and integrity management, consistently reinforce internal control systems, and strive to fulfill not only our fundamental roles of checks and balances but also to become a trusted strategic advisor and a second CEO within the organization."

Meanwhile, the Association, based on its core business of mutual aid projects for local governments, is advancing local finance, accounting, contracts, and the management of public property, as well as supporting the promotion of the outdoor advertising industry, conducting feasibility studies on local finance investment projects, and managing the Local Extinction Response Fund and the Regional Coexistence Development Fund under consignment. In May of this year, the Association also signed a joint business agreement with four organizations, including Korea Expressway Corporation, and has been continuously expanding exchanges and cooperation among internal audit organizations. Additionally, the Association is actively pursuing activities to establish a company-wide internal control system and to strengthen the overall audit work.

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