KUALA LUMPUR, July 3 — The Dewan Rakyat today passed the Audit (Amendment) Bill 2024, aimed at giving greater authority to the Auditor-General to enhance governance and accountability in the public sector
The bill, amending the Audit Act 1957, was passed by a voice vote after being debated by 26 MPs from both sides of the divide.
Deputy Minister in the Prime Minister's Department (Law and Institutional Reform) M. Kulasegaran said the amendments are crucial to empowering the National Audit Department to build public trust in the nation's administration by providing independent and objective audits of government expenditures.
"The National Audit Department plays a vital role in the framework of good governance by ensuring that government activities and expenditures are conducted responsibly and ethically.
"With the amendment, I am confident that the National Audit Department will become a stronger institution, contributing to a more mature democracy in our country," he said when winding up the debate on the bill.
The first reading of the bill was tabled in the Dewan Rakyat on June 27 by the Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said.
Meanwhile, the National Audit Department noted that the amendment to the Audit Act 1957 would have a positive impact on the audit scope of the management of public funds.
Additionally, it will ensure that audit recommendations are seriously considered and appropriate action is taken by all parties, including ministries, departments, and government agencies, as well as any bodies, including companies receiving public funds.
The department said 35 MPs from both the government and Opposition participated in an engagement session with Azalina on Monday (July 1), which included a presentation by the Auditor-General on the contents of the proposed amendments.
"The existing Audit Act 1957 has not been amended since 1991 and needs to be strengthened in line with current developments concerning governance and the management of public funds.
"The amendments also aim to enhance the role of the Auditor General in ensuring checks and balances through three main types of audits: financial statement audits, performance audits of programs or activities of ministries/departments/government agencies, and management audits of government companies," it said in a statement today.
The Dewan Rakyat also passed the Limited Liability Partnerships (Amendment) Bill 2024 as part of efforts to improve Malaysia's standing in the Financial Action Task Force's (FATF) assessments.
Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said that is necessary as Malaysia currently only partially complies with FATF standards related to beneficial ownership reporting.
“Non-compliance with FATF provisions could result in Malaysia being placed on the grey or black list, depending on the level of non-compliance.
“This framework is crucial to ensuring Malaysia’s standing and attracting foreign investors who see that Malaysia has a sound, comprehensive legal framework that promotes transparency in corporate governance,” he said when winding up the debate on the Bill.
The Bill was subsequently passed by a voice vote after 13 MPs from both the government and the Opposition debated it.
FATF is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions
The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
— Bernama
— Bernama
