KUALA LUMPUR: A flexible and forward-looking governance framework is crucial in an era driven by technological advancements, said Deputy Finance Minister Lim Hui Ying.
She said the world is navigating an era of profound transformation where it is fuelled by rapid environmental challenges and evolving societal expectations
“In such a world, good governance is no longer a luxury, but it is an absolute necessity,” she said at the launch of the Institute of Internal Auditors Malaysia (IIAM) National Conference 2024 today.
Lim highlighted the shifting role of internal auditors, urging them to go beyond their traditional function as watchdogs and instead embrace their position as strategic partners in shaping the future of institutions.
“It is imperative for internal auditors to explore new avenues to contribute to an environment where trust, accountability and transparency are the cornerstones of every decision we make,” she said.
Lim lauded IIAM for its leadership in integrating environmental, social and governance standards and cybersecurity measures into audit frameworks, noting the importance of these pillars for the future of governance.
“IIAM continues to build a community of auditors who are ready to lead the way in integrating resilience into every aspect of organizational performance,” she said.
She shared insights into the government’s ongoing efforts to raise governance standards, citing the National Audit Department’s transformative projects, which emphasise digitalisation and risk-based auditing.
Lim pointed to the amendment to the Audit Act 1957 as a “historic moment” for enhancing the auditor general’s oversight capabilities. “This move allows the Auditor General’s Office to expand its reach and authority, providing deeper insights into public spending and ensuring that public trust in government institutions remains strong.”
Lim emphasised the need for collaboration among government bodies, private organisations and audit professionals to build a governance model that is adaptable and prepared for future challenges.
“By integrating sustainability principles, leveraging technology, and fostering transparency, we can create a governance framework that serves not only our current needs but those of generations to come,” she said.
The two-day conference is aimed at generating discussions on the evolving role of internal auditors, particularly in the context of sustainability, technology and ethical governance.
