Iron Man 2 actor Shandling will receive a lifetime achievement honour, while Jeong will be presented with the award for Breakout Comedy Star of the Year.
Other honourees at the fourth Just for Laughs Comedy Conference include Bridesmaids director Paul Feig, comedian Louis CK and Frasier screenwriter Christopher Lloyd.
The festival takes place in Montreal, Canada from 28 to 30 July (11), and the awards will be handed out on 29 July (11).
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