KUALA LUMPUR: 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 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.