Choi Jae-hae, Chairman of the Board of Audit and Inspection, "Prioritizing Sound Fiscal Management... Proactive Preparation for Future Risks"

76th Anniversary Ceremony: "Financial Management System Diagnosis"
"Thorough Inspection of Local Airports and University Financial Support Projects"

Choi Jae-hae, Chairman of the Board of Audit and Inspection, is giving a proposal explanation related to the budget at the plenary meeting of the Legislation and Judiciary Committee held at the National Assembly in Yeouido, Seoul, on the morning of the 23rd.
[Image source=Yonhap News]

Choi Jae-hae, Chairman of the Board of Audit and Inspection, stated on the 28th, "We must prioritize sound fiscal management and the stabilization of people’s livelihoods, while proactively preparing for future risks."

On the same day, during the opening address at the 'Audit Day' commemorative ceremony held at the Board of Audit and Inspection in Samcheong-dong, Jongno-gu, Seoul, marking its 76th anniversary, Chairman Choi emphasized, "The long-accumulated national debt is acting as a destabilizing factor for national finances, and prolonged high interest rates and high inflation are increasing the burden on the public."

Chairman Choi said, "We need to diagnose the fiscal management system, including national debt management, to promote sustainable fiscal operations, and also closely examine the outcomes and budget waste factors of large-scale fiscal projects such as local airports and university financial support programs."

He continued, "We will also inspect the operational status of industrial accident prevention systems and the supervisory framework over the sales process of high-risk investment products to ensure that there is no negligence in protecting the safety and rights of the people."

Amid growing concerns over the distribution of deepfake videos that superimpose obscene materials onto faces, plans are in place to review public sector responses to this issue in the second half of this year. Chairman Choi urged, "To prepare for the future with a long-term perspective, we must reflectively analyze the past COVID-19 response process and deeply examine upcoming risk factors such as communication disasters in the era of the Fourth Industrial Revolution, misuse and abuse of artificial intelligence (AI), and cyberattacks, supporting the government’s proactive preparedness."

Efforts will also be concentrated on eliminating corruption, inefficiency, and abuse of power in the public sector that undermine public trust.

Chairman Choi explained, "To strictly punish the increasingly covert and sophisticated public service corruption, we will conduct continuous public service inspection activities, and regularly check for accounting fraud exploiting blind spots in management systems, while also improving these systems."

Furthermore, he added, "We will review the organizational and personnel management status of central administrative agencies and public institutions, as well as the government’s public sector evaluation system, to eliminate accumulated inefficiencies and excessive evaluation burdens in the public sector. At the same time, to support free business activities, we will strive to resolve factors that burden companies, such as unreasonable regulations or abuse of authority in corporate regulations and fair trade investigations."

This content was produced with the assistance of AI translation services.