Local Finance Association Signs Four-Party Agreement to Enhance Audit Expertise and Strengthen Anti-Corruption Cooperation

Foundation Laid for Joint Cooperation Among the Local Finance Association, National Railroad Authority, Private School Teachers' Pension, and Korea South-East Power
Inter-organizational Collaboration to Share Audit Information and Exchange Audit Personnel

The Korea Local Finance Association (Chairman Sunyong Jung, hereinafter referred to as the Local Finance Association) announced on the 24th that it had signed a business agreement at the Local Finance Hall to enhance audit expertise and cooperate on anti-corruption efforts.

The Korea Local Finance Association (Chairman Jeong Seonyong, hereinafter referred to as the Finance Association) signed a business agreement on the 24th at the Local Finance Center to enhance audit expertise and cooperate in anti-corruption efforts. Provided by the Korea Local Finance Association

Four organizations participated in this agreement: the Local Finance Association (Songhak Jung, Standing Auditor), the National Railroad Authority (Byungho Yoo, Standing Auditor), the Private School Teachers’ Pension (Mingyu Han, Standing Auditor), and Korea South-East Power (Sangwon Baek, Standing Audit Committee Member).

The four organizations that signed the business agreement received the highest ratings in the Board of Audit and Inspection’s internal audit evaluations both last year and this year.

The main points of the agreement concluded by these four organizations are: ▲ Establishment of a substantive cooperation system to share audit strategies, techniques, and best practices in anti-corruption and integrity activities among internal audit bodies ▲ Training of experts to advance preventive audits, consulting and coaching-based audit systems, and to encourage proactive work in public administration ▲ Enhancement of audit professionalism and the effectiveness of anti-corruption and integrity activities ▲ Establishment of a starting point for mutual cooperation to respond to changes in internal and external management environments and to meet public trust.

Songhak Jung, Standing Auditor of the Local Finance Association, stated, “With this agreement, we expect to strengthen audit expertise and improve the quality of public audits. Moving forward, we will continue to realize anti-corruption and integrity management, continuously reinforce our internal control system, and faithfully fulfill our core role of establishing a clean and fair public sector for checks and balances. We will also strive to serve as a strategic advisor to help achieve management goals.”

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