KUALA LUMPUR: The National Audit Department (NAD) is set to conduct audits on 2,000 government linked companies next year as part of efforts to usher in a new era of enhanced governance in Malaysia.
The initiative follows the recent approval of amendments to the Audit Act 1957 in July. After 33 years, the amendments significantly expand the powers of the Auditor General. This allows for a clearer and more transparent overview of public expenditure in Malaysia.
Auditor General Datuk Wan Suraya Mohd Radzi said that the full implementation of this initiative is expected to commence early next year with a more innovative approach.
She added that NAD will undergo full digitisation next year, particularly regarding audit execution and data analysis.
“This is not merely to keep up with current trends; we have a larger number of auditees to audit next year, and the best way to manage this is by leveraging technology.
“Therefore, we are collaborating with various stakeholders to gain insights into these new technologies to better understand their application from the private sector perspective,” she said during a discussion at the 2024 National Conference of the International Institute of Auditors Malaysia (IIAM) today.
Additionally, Wan Suraya emphasised that to maintain confidentiality and trust, the department is working closely with its auditors to ensure that data collected from sources is accurate and aligns with the parameters of new technology.
“This is an exciting time for us as we prepare to introduce a new dimension next year, ensuring that all 2,000 GLCs are audited, leaving no one behind.
“At the very least, during the initial round, these companies will be audited, after which we may conduct screenings to identify those with lower risk,” she said.
Wan Suraya remarked that this will foster a new culture of accountability in Malaysia, and they are very enthusiastic about this initiative as they look forward to supporting our stakeholders, including members of IIAM.
