Seoul Excellent Rated Private Schools and Corporations Exempted from Audit

Implementation of Private School Audit Incentive System... 35 Schools and 9 Corporations Selected

[Asia Economy Reporter Han Jinju] The Seoul Metropolitan Office of Education will provide incentives to nine corporations and 35 schools that received excellent evaluations in the comprehensive audit of private schools and corporations.

On the 30th, the Seoul Metropolitan Office of Education announced the selection of outstanding institutions by implementing the nation's first-ever "Private School Audit Incentive System" this year to strengthen accountability and publicness of private educational institutions.

The Private School Audit Incentive System evaluates corporate finances and school administration for 489 corporations and private schools within the jurisdiction and grants incentives such as exemption from audits for outstanding institutions and reduction of audit periods. In the future, if intentional or gross negligence is found during comprehensive audits of private educational institutions selected for incentives, strict disciplinary actions will be taken.

The selected recipients of the incentive system include nine corporations (six top-tier institutions and three excellent institutions) and 35 private schools (17 top-tier institutions and 18 excellent institutions).

Top-tier institutions (six corporations and 17 schools) will have their comprehensive audits replaced by a one-day consulting session for three years starting this year if they are subject to comprehensive audits. They will also be exempt from specific and service audits.

Excellent institutions (three corporations and 18 schools) will have their comprehensive audit days reduced from a maximum of four days to two days if subject to comprehensive audits, and will also be exempt from specific and service audits. Schools receiving private school audit incentives can reduce administrative burdens related to audit preparation amid the COVID-19 situation.

Cho Hee-yeon, Superintendent of the Seoul Metropolitan Office of Education, stated, "Private schools are an important pillar of public education, requiring a balance between autonomy and publicness. We will provide bold incentives to outstanding private schools so that they can demonstrate voluntary dynamism with publicness and accountability, and focus audit capabilities on poorly managed private schools to ensure the soundness of private education."