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Financial Services Commission building. (Photo: FSC) |
[Alpha Biz= Paul Lee] The Financial Services Commission (FSC) has ordered the recovery of improperly used expenses and issued warnings to public institutions under its supervision after confirming allegations that officials engaged in leisure activities during an overseas business trip.
According to industry sources on the 11th, the FSC completed its audit into the World Congress of Internal Auditors trip and notified its findings to the Korea Deposit Insurance Corporation (KDIC), Korea Credit Guarantee Fund (KODIT), and Korea Exchange (KRX).
The FSC concluded that allegations were valid that auditors and working-level staff from these public institutions engaged in non-official, leisure-oriented activities during the World Congress of Internal Auditors held in Toronto, Canada, in July.
Officials who visited tourist destinations such as Niagara Falls and outlet malls will receive formal warnings, and any expenses incurred for unofficial activities will be reclaimed. The FSC also instructed institutions to strengthen internal controls to prevent visits to locations unrelated to official business and to revise rules regarding the submission of overseas travel reports. Detailed follow-up measures for each institution will be released within this month.
Following the emergence of the allegations in August, the Government Office for Government Policy Coordination led an investigation into the relevant institutions. The FSC also conducted on-site inspections to review travel purposes, accommodation expenses, and whether participants joined sightseeing activities, collecting related documents throughout the process.
The World Congress of Internal Auditors, hosted by the Institute of Internal Auditors, is a rotating global conference where internal auditors from various countries gather for academic sessions and networking.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
