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Busan City Begins 15-Day Audit of FY2024 Settlement Accounts Today (May 2)

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Busan Mayor Park Heong-joon announced that the city will conduct a 15-day audit of the FY2024 settlement accounts from May 2 to 16.

This audit will review the budget revenues and expenditures, financial statements, performance reports, and related materials for the fiscal year.

Settlement is the final phase of the budgetary process, used to confirm the execution of revenues and expenditures for the fiscal year.

The audit covers Busan City Hall (including the headquarters, Fire and Disaster Headquarters, affiliated agencies, and business offices) and the Busan Metropolitan City Office of Education.

The audit scope includes:

• ●Settlement of revenues and expenditures for general and special accounts

• ●Fund settlements

• ●Financial statements

• ●Performance reports

• ●Gender-sensitive budgeting reports

• ●Management of public assets

• ●Attachments to the settlement reports

The committee will assess the legality, appropriateness, and rationality of fiscal management through analysis of settlement reports and related documents.

The Busan Metropolitan Council has appointed a total of 12 audit committee members for the FY2024 settlement audit:

• ●3 city council members

• ●7 certified public accountants (CPAs)

• ●2 tax accountants

These appointments were made in accordance with relevant regulations, including the Local Autonomy Act, the Local Finance Act, and the Ordinance on the Appointment and Operation of Settlement Audit Committee Members of Busan Metropolitan City.

The Chief Representative of the audit committee is Councilor Lim Mal-sook, Chairperson of the Special Committee on Budget and Accounts.

Other committee members include Councilors Kim Hyung-chul and Lee Bok-jo, along with 7 CPAs and 2 tax accountants with extensive experience in their respective fields.

The audit committee will focus on evaluating the integrity and efficiency of financial operations in compliance with applicable laws.

They will closely examine supporting documentation for the revenue and expenditure settlements, fund operations, financial statements, and reports to identify any legal violations or budget waste.

Lee Jun-seung, Vice Mayor for Administrative Affairs of Busan, stated,
“The settlement audit is a legal procedure for evaluating and analyzing the performance of last year’s financial operations. Through this process, we aim to strengthen public trust and accountability while ensuring more transparent and sound fiscal management.”

Meanwhile, after the audit is completed, the city will submit the finalized settlement report with the audit opinion to the City Council by May 31 and seek approval at the regular council session in June. The settlement results will then be made public to citizens.