HUG signs AI audit MOU with two public agencies

The Korea Housing and Urban Guarantee Corporation (HUG) announced Thursday that it has signed an agreement with the Korea Technology Finance Corporation and Korea Asset Management Corporation to exchange and support audit operations, with the aim of enhancing AI audit expertise and promoting proactive administration.

The MOU was drawn up to proactively address growing audit risks in line with the new Global Internal Audit Standards, an international benchmark for internal auditing. The three signatory agencies agreed to jointly strengthen their AI-based audit capabilities and work together to embed a culture of proactive administration within each organization.

Key areas of cooperation include jointly identifying AI-based audit techniques and sharing implementation cases, holding joint working-level meetings to build AI audit capacity, providing mutual advisory support to activate the proactive-administration support system, and exchanging major audit cases and regulatory improvement measures.

"This agreement will be the first step in strengthening AI-based audit operations through inter-agency cooperation," said Lee Myeong-won, HUG's standing audit committee member. "We will actively share best audit practices and work together to find ways to apply AI to auditing, so that we can successfully strengthen internal controls in the public sector and advance proactive administration support."