Mr Viengthavisone Thepphachanh (left) and Mr Choe Jaehae shake hands when they met for talks in Korea last week.

S. Korea lends support to Lao state auditing body

The State Audit Organisation (SAO) plans to work with the Republic of Korea to improve the quality of state auditing in Laos.
The two sides reaffirmed their strong commitment to enhancing the two countries’ relations and expanding cooperation in the field of auditing.
The proposed partnership between the SAO and Korea’s Board of Audit and Inspection will enable Korea to accomplish its mission to further public interest in the preparation of informative, accurate and independent audit reports.
The State Audit Organisation has asked for assistance from development partners to improve the quality of auditing, correct audit findings, and ensure that state auditors are more efficient and able to modernise data storage.  
Laos and Korea are also considering ways to strengthen cooperation in the innovation, tourism, health and labour sectors, according to a media release from the Ministry of Foreign Affairs.
This cooperation will also bolster ties in the fields of politics, diplomacy, trade and investment, agriculture, energy, and infrastructure development.
President of the State Audit Organisation, Mr Viengthavisone Thepphachanh, last week held talks with the Chairman of Korea’s Board of Audit and Inspection, Mr Choe Jaehae, when he thanked his Korean counterpart for its support to Laos in the field of auditing.
Korea’s assistance is a significant contribution to the flourishing relationship and cooperation between the two countries, Mr Viengthavisone said.
“We hope that our two organisations will share valuable lessons and experiences along with supporting each other within the framework of bilateral and multilateral cooperation in order to benefit our auditing institutions and our countries,” he said.
An opening ceremony for the Audit Capacity Building Programme for Lao auditing officials was organised by the Audit and Inspection Training Institute.
Mr Choe Jaehae expressed his pleasure at the partnership and said he was confident that the two sides would continue to support the State Audit Organisation and strengthen the relationship between the Lao and Korean state audit bodies.
Laos’ State Audit Organisation holds the equivalent position to other line ministries established by the National Assembly, with the latest Public Audit Law enacted in December 2022.
The main functions of the organisation include the monitoring of financial compliance and the financial records kept by all government bodies that use state funds and other assets.
The SAO’s affiliates consist of 15 sub-organisations including the Cabinet, the Audit Training and Research Institute, departments, and five audit offices located throughout the country.
The SAO’s strategic plan to 2025 aims to improve the organisation of the audit body; create, amend and publicise audit regulations, strengthen its personnel; modernise physical infrastructure; strengthen specialised audit areas such as state organisations, banks, enterprises and the auditing of funds provided through Official Development Assistance; and bolster cooperation and international connectivity.

By Phetphoxay Sengpaseuth
 (Latest Update May 29, 2023)