Korea Rail Network Authority Strengthens Internal Control System... "Enhancing Accounting Transparency"

The Korea Rail Network Authority announced on November 21 that it has conducted an internal control assessment and inspection through external experts, as well as training to strengthen practical accounting skills, in order to enhance the reliability and transparency of its accounting work.

Provided by Korea Rail Network Authority

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The Authority is currently pursuing a Private Accounting (PA) service, through which it will objectively analyze the overall status of controls in accounting work, including the settlement process and data verification. Based on this analysis, it plans to identify issues and implement institutional improvements such as revising internal regulations and systems, and establishing a settlement checklist.

The PA service is conducted with the aim of systematically assessing the level of internal control through accounting experts and establishing directions for improvement.

The Authority is also supplementing the verification procedures of its accounting information system and expanding automation features to enhance the level of control over fund execution procedures. Through these measures, the Authority aims to secure both work efficiency and transparency.

Previously, in June, the Authority provided training to all employees to prevent common errors in the accounting process and to enable staff to independently check the appropriateness of their own work.

Lee Seonghae, President of the Korea Rail Network Authority, said, "Strengthening the internal control system is a proactive measure to enhance the reliability of the Authority's accounting," adding, "We will continue to strive to become an honest public institution that earns the public's trust through responsible accounting management."

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