National Audit Department To Audit 2,000 GLCs Next Year

KUALA LUMPUR, Sept 30 (Bernama) -- The National Audit Department (NAD) will be auditing 2,000 government-linked companies (GLCs) beginning next year in an effort to create a new era of enhanced governance in Malaysia, said Auditor-General Datuk Wan Suraya Wan Mohd Radzi.

This initiative follows the recent approval of the Audit Act 1957 amendment bill in July 2024, which significantly strengthens the Auditor-General's powers, thus enabling a more comprehensive oversight of public spending in Malaysia.

“Next year we will be introducing a new approach to ensure that all nearly 2,000 gazetted GLCs are audited. No entity will be left behind. Everybody will be audited during the first round,” she said.

This will be followed by some screening to identify lower-risk entities, followed by a more detailed analysis to ensure that governance and accountability are continuously improved, Wan Suraya said during a fireside chat session at the Institute of International Auditors Malaysia (IIAM) National Conference 2024.

She said the NAD is embracing a new era of accountability and governance through innovative approaches, particularly in the integration of technology.

“Our audit findings will be fully digitalised next year in terms of the way we conduct our audits and data analytics.

“We are currently working with some of our stakeholders to understand new technology, to understand how it is being done from the private sector level,” she said.

She added that the auditors will also ensure that the data collection will be done properly, within the parameters of the new technology, while maintaining confidentiality.

Wan Suraya said the NAD will be working closely with IIAM and the Malaysian Institute of Accountants (MIA) as well as other entities involved in the audit sector to achieve its goal.

Through these efforts, the department seeks to enhance public trust in Malaysia’s institutions by ensuring transparency and accountability in financial management.

At the same time, she said that the NAD is embarking on a new chapter of governance, with a shift towards thematic audits.

She highlighted that after conducting its first thematic audit on the forestry segment last year, the department is now focusing on critical areas such as food security and Sustainable Development Goals (SDGs).

“I think the SDG thematic report is very critical and very unique because we are also working with all the relevant parties that are doing it.

“Everybody claims to be SDG-compliant, but now we will see whether it is true or not,” she added.

-- BERNAMA