KUALA LUMPUR, Sept 30 — The government is committed to raising the bar for governance standards with the National Audit Department embarking on transformative projects that underscore the importance of digitalisation, risk-based auditing, and collaborative governance.
Deputy Finance Minister Lim Hui Ying said the implementation of cutting-edge audit analytics and dashboards ensures that the country is proactive, and not merely reactive in identifying risks and ensuring that every ringgit of taxpayer money is accounted for.
“One of the cornerstones of this transformation is the amendment to the Audit Act 1957, a historic moment that will enhance our oversight capabilities.
“This allows the Auditor General’s office to expand its reach and authority, providing deeper insights into public spending and ensuring that public trust in government institutions remains strong,” she said in her keynote address at the Institute of Internal Auditors 2024 National Conference, today.
Lim said the future of governance lies in collaboration between government bodies, private organisations, and audit professionals.
Hence, she said they need to work together to build a governance model that is adaptable, accountable, and prepared for the challenges of tomorrow.
“By integrating sustainability principles, leveraging technology, and fostering transparency, we can create a governance framework that serves not only our current needs but those of generations to come,” she said.
She commended the Institute of Internal Auditors Malaysia (IIA Malaysia) for being at the forefront of promoting effective governance, risk management and controls, either from the assurance, or an advisory lens.
“It has long championed the integration of environmental, social, and governance (ESG) standards, cybersecurity measures, and the ethical use of technology in audit frameworks.
“These pillars — ESG, cybersecurity, and innovation — are not just trending topics; they are the future of sustainable governance.
“Through initiatives like this conference, the IIA continues to build a community of auditors who are ready to lead the way in integrating resilience into every aspect of organisational performance,” she said.
Lim also said IIA Malaysia’s vision aligns with the demands of this new governance landscape, which is to empower internal auditors as key players in ensuring that organisations are both sustainable and ethical.
“Whether through advancing our understanding of artificial intelligence-driven audit techniques or embedding fraud detection systems, I am reassured that IIA Malaysia is committed to equipping internal auditors with the tools and knowledge to excel in this evolving field,” she added. — Bernama
