HUG and Kangwon Land to jointly develop AI audit techniques, sign pact to strengthen internal controls

[Financial News] The Korea Housing & Urban Guarantee Corporation (HUG) and Kangwon Land will jointly develop audit techniques based on AI and big data and strengthen their internal control systems.
HUG said on the 28th that the two organizations had signed an agreement on the 27th to enhance AI audit capabilities and strengthen internal controls. The cooperation is intended to help them respond to an audit environment shifting toward AI and enhance their digital audit capabilities.
Under the agreement, the two organizations will pursue joint initiatives to identify AI- and big data-based audit techniques and advance digital audit systems. They will benchmark areas of excellence in internal control and provide mutual advice on operating the system for supporting proactive administration. They will also provide mutual support and exchange personnel from their internal audit units.
“As the audit environment is changing rapidly, it is important to strengthen audit capabilities and upgrade internal control systems to respond,” said Lee Myeong-won, HUG's standing audit committee member. “I hope this agreement will provide an opportunity for the two organizations to share their expertise and experience, jointly explore audit work based on AI and big data, and contribute to the development of public-sector auditing.”
[email protected] Choi Ga-young Reporter