MOU Signing at Paradise Hotel Haeundae at 11:20 AM on the 25th
Mayor Park Hyungjun and Mayor Peter Tschentscher of Hamburg ... Sign Business Agreement
On the 25th at 11:20 AM, the city of Busan will sign a Memorandum of Understanding (MOU) on cooperation in the field of audit between Busan and the city of Hamburg at the Paradise Hotel in Haeundae.
The signing ceremony will be attended by Mayor Park Hyungjun and Hamburg Mayor Peter Tschentscher, who are scheduled to sign the agreement.
This agreement is based on the friendship and cooperation city MOU signed by the two cities last year, and aims to further activate exchanges and especially promote mutual cooperation in overall audit policies.
Germany has traditionally been a leading country in the fields of law and bureaucracy, and since the founding of the Prussian Empire in the 18th century, has introduced and operated advanced audit systems including consulting audits and risk analysis and management.
Consulting audit provides consulting on the transparency, efficiency, and regulatory compliance of the operations of city governments and related organizations.
Risk analysis and management refers to the systematic analysis and management of various risks in areas such as finance, projects, disasters, and health and safety by applying ISO 31000 (the international standard for risk management).
In particular, Germany ranked 9th globally in the 2023 Corruption Perceptions Index, making it one of the world's most transparent countries. The signing of this agreement with Hamburg, Germany's second-largest city, is highly significant as it is expected to enhance the expertise of Busan's Audit Committee and serve as a catalyst for a dramatic improvement in the city's integrity.
The Corruption Perceptions Index by Transparency International is a representative global anti-corruption indicator that has annually evaluated the level of corruption in the public and political sectors of each country since 1995. The Republic of Korea ranked 32nd as of 2023.
With the signing of this agreement, the two cities plan to actively exchange and cooperate in all areas of audit and integrity policy, including: ▲supporting regular visits and cooperation between audit institutions ▲strengthening the expertise of audit institutions ▲promoting anti-corruption and integrity initiatives ▲exchanging outstanding policies and information.
Mayor Park Hyungjun stated, "Following the signing of the friendship and cooperation city agreement in Hamburg last year, it is very meaningful to establish a new cooperative relationship through Mayor Peter Tschentscher's visit to Busan. I hope that this exchange in the field of audit with Hamburg, a leading city in audit and integrity, will greatly contribute to promoting a fair and transparent city, enhancing the international reputation of Busan as a 'global hub city,' and publicizing our major policies internationally."
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