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2024 A-G's Report: only two of eight audited companies achieved objectives | Scoop
The 2024 Auditor-General's Report also states that continuous improvement is needed for federal government company management to ensure that activities align with company objectives. – Facebook pic, July 4, 2024
News

2024 A-G’s Report: only two of eight audited companies achieved objectives

Report highlights weak financial standings and management practices in several federal government companies

Main Author Image
Hashini Kavishtri Kannan
Updated
10:00 AM MYT

 

KUALA LUMPUR – The 2024 Auditor-General’s Report has identified that two out of eight audited federal government companies exhibit weak financial standings and have failed to meet their stated objectives.

They are the National Professor’s Council (MPN) and i2M Ventures Sdn Bhd, a wholly owned subsidiary of Khazanah Nasional Bhd.

In a four-page statement to the media, the report said MPN also showed weak corporate management practices, whereas i2M Ventures Sdn Bhd showed strong corporate management practices.

These are among the key points that will be presented in the full report during today’s Dewan Rakyat sitting.

On the other hand, only two companies – Mass Rapid Transit Corporation Sdn Bhd and the Institute of Strategic and International Studies – have met their objectives, the report said.

“MRT Corp was shown to have weak financial standings, while the Institute of Strategic and International Studies has stable financial standings,” it said.

Other companies that did not meet their stated objectives include Rangkaian Hotel Seri Malaysia Sdn Bhd, Mara Incorporated Sdn Bhd, International Islamic University Malaysia, and Pembangunan Sumber Manusia Bhd.

Among these, Mara Incorporated Sdn Bhd and International Islamic University Malaysia also exhibited weak financial standings.

The report also noted that for the management of federal government companies, continuous improvement is required to ensure that activities align with the objectives of the company’s establishment. 

“The sustainability of government companies’ businesses should be supported by good governance practices to build public confidence,” it added.

The auditor-general has also submitted a total of 64 audit recommendations to be implemented by ministries, departments, agencies, and government companies audited at the federal level. 

Following the Auditor-General’s Reports for the years 2020, 2021, and 2022, the government has received refunds totaling an estimated RM100 million by the second quarter of 2024, which include claims penalties, rent arrears, and collections of liquidated ascertained damages, the report said. – July 4, 2024

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