Panel to hold first audit of overseas offices

The parliamentary state affairs committee, which supervises key state financial bodies, is to audit the overseas branches of its affiliated organs for the first time in the upcoming state inspection.

It is thus to be the first parliamentary committee, besides foreign affairs, to include overseas offices in its annual audit.

During the inspection period starting Sept. 19, the committee will be split in half so that one group may conduct the conventional domestic audit while the other inspects overseas branches and foreign financial hubs, according to officials on Saturday.

The latter will be divided into three groups to visit key financial hub cities over five or six days, officials said.

The subjects of inspection are the branch offices of the Financial Supervisory Service, Korea Development Bank and the Industrial Bank of Korea, located in New York, London, Tokyo and Beijing.

Committee members are also to visit state financial organs of the corresponding country in order to catch up with the global monetary trend, officials said.

“The required expenses were approved in last year’s budget review, but we plan to take cautions lest these trips be seen as an abuse of the budget,” said a committee official.

The committee has recently faced the public blame for the sluggish processes of the parliamentary state investigation on the savings banks case during the past months.

However, chairman Rep. Huh Tae-yeol of the ruling Grand National Party judged that overseas audit was indispensable for properly comprehending the financial situation here, the official said.

“The committee members will be travelling in the smallest unit possible, without personal aides or administration officials,” he said.

The detailed schedules of the overseas financial audit are to be confirmed by the ruling and opposition parties within the week.

By Bae Hyun-jung (tellme@heraldcorp.com)