KOTRA, Gas Corporation, K-Sure and 12 Public Institutions Jointly Develop Audit Techniques for Overseas Offices

Agreement on Audit Work on the 12th... Exploring Measures to Strengthen Internal Control

KOTRA, Korea Gas Corporation, Korea Trade Insurance Corporation, and 9 other public institutions operating overseas offices will jointly seek risk prevention measures for audit tasks.

On the 12th, 12 public institutions operating overseas offices held a signing ceremony for the "Audit Work Agreement for the Advancement of Internal Control in Overseas Offices" at the KOTRA headquarters in Yeomgok-dong, Seocho-gu, Seoul.
From the left: Kang Jin-gu, Standing Auditor of Korea Gas Corporation; Kim Young-chang, Standing Auditor of Korea Tourism Organization; Seo Jeong-in, Non-standing Auditor of Korea International Cooperation Agency; Kim Myung-soo, Standing Auditor of Korea South-East Power Co., Ltd.; Shin Beom-su, Standing Auditor of Korea Trade Insurance Corporation; Lee Seong-gyeong, Standing Auditor of Human Resources Development Service of Korea; Park Gong-woo, Standing Auditor of Korea National Oil Corporation; Yoon Sang-il, Standing Auditor of Korea Electric Power Technology Co., Ltd.; Lee Cheol-jin, Non-standing Auditor of National Information Society Agency; Jeon Bon-hee, Standing Auditor of Korea Creative Content Agency; Lee Seong-gyu, Standing Auditor of KEPCO KPS; Bae Sang-beom, Head of Audit Office of Korea Trade-Investment Promotion Agency.
Photo by KOTRA

On the 12th, 12 public institutions operating overseas offices announced that they signed the "Audit Cooperation Agreement for the Advancement of Internal Control in Overseas Offices" at KOTRA headquarters in Yeomgok-dong, Seocho-gu, Seoul.

About 30 key officials from 12 public institutions including KOTRA, Gas Corporation, Trade Insurance Corporation, Korea Tourism Organization, Korea International Cooperation Agency, Korea Southern Power, Human Resources Development Service of Korea, Korea National Oil Corporation, Korea Electric Power Technology, National Information Society Agency, Korea Creative Content Agency, and KEPCO KPS attended the agreement ceremony.

The 12 public institutions signed the agreement to enhance the internal control system and strengthen audit capabilities for overseas offices in response to the global trend demanding stronger public sector audits.

These institutions will jointly develop audit techniques for overseas offices and benchmark best practices. They will seek ways to strengthen internal controls in corruption-prone areas. They will explore audit cooperation systems such as cross and joint audits and cooperate in sharing major laws and regulations of host countries.

Officials attending the agreement ceremony said, "Overseas offices have potential risks due to spatiotemporal limitations with headquarters, requiring regular monitoring," and added, "We will strengthen cooperation among institutions to ensure systematic and effective internal control of overseas offices in the future."

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