On Thursday (February 6), the National Audit Department launched the 'Government Companies Self-Inspection' system, allowing 1,856 government-linked companies, government-linked investment companies, and company limited by guarantee (CLBG) to conduct systematic audits, thereby enhancing transparency and accountability in the management of national public funds.
Prime Minister and Finance Minister Datuk Seri Anwar, speaking at the launch event, said that this audit aims to address governance issues in government companies, including overseeing weaknesses in key performance indicators reporting and company strategic blueprints, such as the failure of CEOs to play their role in overseeing and managing companies that continuously incur losses.
He said, "Apart from the weak links in providing opinions and recommendations to the board by the Investment Committee and Audit Committee, the failure of companies to channel profits to the government is also a major issue."
He continued that some major decisions in the companies, such as remuneration decisions, were made without board approval, affecting management integrity.
Anwar stated that since November 18 last year, the department has implemented self-assessment through the self-inspection system in 206 government companies nationwide as a pilot project.
"More importantly, this system was self-developed by the Audit Department, creating no burden on the government."
He also mentioned that the Audit Department will begin using the system used in last year's pilot project for audits starting this year.
Meanwhile, National Auditor-General Datuk Wan Suraya, at the launch of the 'Government Companies Self-Inspection System', said today that four new audit guidelines were also announced: 'Government Companies Audit Management Guidelines', 'Audit Follow-up Guidelines', 'Compliance with Public Funds Audit (FPMA)' guidelines, and the 'Auditor-General's Financial Statements Certificate' guidelines.
Meanwhile, National Auditor-General Datuk Wan Suraya, at the launch of the 'Government Companies Self-Inspection System', said today that four new audit guidelines were also announced: 'Government Companies Audit Management Guidelines', 'Audit Follow-up Guidelines', 'Compliance with Public Funds Audit (FPMA)' guidelines, and the 'Auditor-General's Financial Statements Certificate' guidelines.