- Home
- Parliament...
Parliament has amended the Audit Act, but what does it mean?
Why is this significant?
- The Audit Act was last amended over three decades ago
- The National Audit Department is a key agency in discovering leakages and abuses in public spending
- The Auditor-General may now audit any bodies and companies that receives state funds
KUALA LUMPUR, July 4 — Parliament has approved amendments to the Audit Act 1957, paving the way to empowering the Auditor-General to do more than just audit public spending in Malaysia.
It was tabled by Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said on June 27, before being approved in the current meeting.
This is the first time the Act has been amended in 33 years, with the amendments incorporating many of the new developments in the areas of governance and the management of public funds.
Anytime audits
A new Section 9a will empower the A-G to directly review remedial actions by state and federal agencies, public authorities, or statutory body in response to recommendations, comments, and observations of shortcoming in the federal audit reports.
The same section allows the A-G to present a report on a follow-up audit at any time to the Yang diPertuan Agong, and not only within the biannual series of the Auditor-General’s Annual Reports.
Currently, the Parliament’s Public Accounts Committee (PAC) is responsible for following up on the issues raised in the A-G’s annual reports.
'Follow the money'
Section 5 of the Act was amended to empower the A-G to order audits into more entities including any company that receives federal or state financial guarantees, if the finance minister agree this would be in public interest.
The amendment is in line with the “follow the public money” approach to auditing, allowing the A-G to investigate any entity that receives any public fund that the National Audit Department is already auditing.
The Audit (Amendment) BIll 2024 will now head to the Senate, where it is expected to be approved by the end of July.
- https://www.msn.com/en-my/news/other/parliament-has-amended-the-audit-act-but-what-does-it-mean/ar-BB1pnj7M?ocid=00000000
Related
FDA BANS potentially ingredient found in sodas loved by millions
The FDA will ban the use of brominated vegetable oil, a food additive found in sodas like Sun Drop, after research linked it to a slew of health issues like headaches, memory loss, and thyroid issues.
NewsF1 British GP results: Lewis Hamilton scores record-breaking win
Lewis Hamilton won the British Grand Prix, the 12th round of the 2024 Formula 1 World Championship, at Silverstone for Mercedes
NewsGame of Thrones and House of Dragon cast members who support Palestine
Fans will see their beloved characters in a whole new light.
NewsNATO turns 75 with Ukraine and future on line
WASHINGTON DC - NATO's 75th anniversary summit was meant to showcase the triumph of a larger, stronger alliance. Instead, leaders are coming together in Washington in the shadow of setbacks in Ukraine and electoral headwinds on both sides of the Atlantic. US President Joe Biden, fighting for his political life after a disastrous debate against NATO...
NewsJust 1 in 4 say Biden could stay AWAKE through a Cuban Missile Crisis
Only one in four voters believes President Joe Biden has the endurance to stay up for 48 hours during a Cuban Missile Crisis-like event, according to a new poll for DailyMail.com.
NewsGetting steeped in the melting pot
LEARNING about culture and tradition is much more fun when the experience is immersive and hands-on. Read full story
NewsListeria fears sparks nationwide recall for 5 dog & cat food products
A popular American online pet food company has recalled five of its products amid fears of a presence of listeria, the Food and Drug Administration confirmed.
NewsMinistry to reevaluate sports, co-curriculum data for 2023 SPM students
The education ministry responds after students' non-academic activity marks were omitted from the overall merit score in their university applications.
News