National Audit Dept powers expanded to cover 1,856 GLCs
KUALA LUMPUR: The amendment to the Audit Act 1957 [Act 62], which came into force last year, empowers the National Audit Department to conduct thorough audits of 1,856 government-linked companies (GLCs), says Auditor-General Datuk Seri Wan Suraya Wan Mohd Radzi.
She said the amendment expands the department's scope, thereby strengthening the government's oversight of governance and financial management within GLCs.
"This authority aligns with the amended Act 62, which extends the Auditor-General's powers to include audits of entities receiving government financial guarantees, introducing the 'follow the public money' audit approach.
"It reflects the department's strategic role in detecting and assessing accounting fraud risks more effectively and in a more targeted manner,' she said at a press conference after the launch of the Accounting Fraud Working Group on Monday (May 19).
Wan Suraya emphasised that, moving forward, all GLCs would be held accountable for any irregularities identified in the Auditor-General's Report.
"The Auditor-General's Report Follow-Up Committee uncovered several instances of leakages through state and federal financial statements, which are now in the process of being recovered.
"In addition to the GLCs, we also audit statutory bodies. When leakages are detected, whether in the form of uncollected or unreceived revenue, we will ensure that follow-up action is taken,' she said.
She added that beyond the recovery of public funds, the audit process aims to determine whether serious irregularities, governance lapses, or systemic failures have occurred.
Meanwhile, Wan Suraya highlighted that the department is also exploring the use of emerging technologies to enhance fraud detection, in line with increasingly complex trends.
"We are undergoing a digitalisation process, with most audits now conducted digitally. We are exploring how new technologies can be leveraged to detect sophisticated and evolving fraud risks.
"This has become an integral part of our ongoing audit operations," she said. - Bernama
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