The audit office of Korea Electric Power Corporation said on the 13th that it signed a memorandum of understanding (MOU) on the 12th with the audit office of Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) to enhance audit expertise and strengthen internal controls.
The agreement was arranged to improve understanding of audit work between state-owned enterprises responsible for key areas of the national economy, such as power supply and currency manufacturing, and to establish a close cooperation system. The signing ceremony was attended by Jeon Yeong-sang, standing auditor of Korea Electric Power Corporation, and Kim Beom-jin, standing auditor of Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO).
Through the agreement, the two institutions will promote the exchange of information and technology to enhance audit expertise and quality, and expand practical cooperation to strengthen capabilities in internal controls and corruption prevention.
They also plan to cooperate by sharing audit cases and techniques that use the latest IT technologies, such as artificial intelligence (AI) and big data, to advance audit capabilities in the public institutional sector. Going forward, they intend to pursue exchanges of audit cases and sharing of AI-based audit techniques through follow-up working-level meetings and to identify cooperative tasks to strengthen internal controls.
Jeon Yeong-sang, standing auditor of Korea Electric Power Corporation, said, "We hope to pool audit capabilities across public institutions to respond effectively to the changing audit environment, improve audit quality and efficiency, and contribute to implementing public audits that are transparent and fair, so the public can feel the difference."