Title: A Study on Change in Self-Auditing of Korean Public Institutions and Improving the Auditing Process
Abstract: In the past, the self-auditing agency for public institutions executed irregularity-disclosure type auditing, which focused on disclosure and punishment for irregularities. However, currently auditing is demanded not only to disclose irregularities but also to predict about future risks for the management and provide advices on how to evade them. In fact, GAO has systematized such a trend and formulated an accountability body maturity model which is a pyramid structure composed of six steps. In Korea, after the year of 2000 when the public institution operation law and the public auditing law were legalized, the self-auditing agency for public institutions has progressed considerably. Yet, there are tasks to be dealt with in order to strengthen the connection between auditing strategic plans and strategies for a body to which the self-auditing agency belongs, and there are needs for the tenures of public institution chiefs and auditors to be adjusted; the issue of overlapping evaluations of self-auditing for public institutions to be resolved; manpower problems related to the self-auditing agency for public institutions to be addressed; education to strengthen auditing capabilities to be systematized; and an active administrative exemption system to be actively introduced. The roles of the self-auditing agency of public institutions are really important since the management performances of the institutions will affect not only private enterprises but also the national economy and benefits. In the future, the self-auditing agency for public institutions in the Republic of Korea shall play a role as a solution finder which suggests future directions for public institutions and supports their management, so that public institutions can continue functioning in a proper way.
Publication Year: 2015
Publication Date: 2015-12-01
Language: en
Type: article
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