KUALA LUMPUR: Dewan Negara today passed the Audit (Amendment) Bill 2024, the Arbitration (Amendment) Bill 2024 and the Construction Industry Payment and Adjudication (Amendment) Bill 2024, all under the purview of the Prime Minister’s Department.
Deputy Minister in the Prime Minister’s Department (Law and Institutional Reform) M. Kulasegaran, when winding up the debate on the Audit (Amendment) Bill 2024, said the amendments aim to strengthen the act with new provisions to meet current requirements and expand the duties of the Auditor-General.
“In line with developments in governance and public fund management to ensure order and accountability, the amendment to the Audit Act 1957 is timely after 33 years without revisions.
“This amendment is crucial to empower the role of the Auditor-General in maintaining financial management integrity, enhancing efficiency and strengthening public trust in the government,” he said.
The bill to amend the act, which has been in effect since 1957, was passed with majority support after being debated by 21 Senators.
For the record, Act 62 has been amended twice, in 1978 and 1991. The 1978 amendment addressed performance auditing requirements, focusing on economy, efficiency and effectiveness under section 6(d) of Act 62, while the 1991 amendment provided for changes to the Schedule under Section 11 of Act 62.
Regarding the Arbitration (Amendment) Bill 2024, Kulasegaran said that the amendment to the Arbitration Act 2005 (Act 646) aims to enhance Malaysia’s position in the international arbitration community by improving the organisational structure of the Asian International Arbitration Centre (AIAC).
Meanwhile, Kulasegaran said the Construction Industry Payment and Adjudication (Amendment) Bill 2024 arises from the Arbitration Act, which provides for the renaming of the Kuala Lumpur Regional Centre for Arbitration (KLRAC) to the Asian International Arbitration Centre (AIAC).
This change aligns with the implementation of the Supplementary Agreement between the Malaysian Government and the Asian-African Legal Consultative Organisation concerning the AIAC in Kuala Lumpur.
The Dewan Negara sitting continues tomorrow.
