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Federal agencies must repay loans on time, auditor-general reminds | Scoop
Auditor-General Datuk Wan Suraya Wan Mohd Radzi has said federal agencies need to present their financial statements for auditing at the stipulated time. – Jabatan Audit Negara Facebook pic, March 6, 2024
News

Federal agencies must repay loans on time, auditor-general reminds

A-G’s 2022 report on such bodies, set for tabling in Dewan Rakyat today, also cites 141 agencies for weak accounting standards

Scoop Reporters
Updated
10:01 AM MYT

 

KUALA LUMPUR – Federal agencies have been reminded to ensure that loans taken are repaid according to schedule, as failure to do so is a burden to Putrajaya, the auditor-general said.

Agencies also need to present their financial statements for auditing at the stipulated time, besides spending their grants within the set financial year.

The auditor-general has issued these reminders, among others, in conjunction with the tabling of the 2022 Auditor-General’s Report on federal agencies in the Dewan Rakyat today.

“Federal agencies must ensure that loans taken are repaid according to schedule so as not to burden the federal government which will have to bear more financial cost for longer than necessary,” the auditor-general said in a statement.

Agencies also need to re-evaluate their subsidiary companies that have been dormant, as these too are a financial strain on the federal government.

“(Likewise) subsidiaries that are facing losses and those which are not giving returns (should be re-evaluated).”

To improve the financial management of federal agencies, the National Audit Department will organise several courses this year at the National Audit Academy, according to the statement.

The National Audit Department will organise several courses this year at the National Audit Academy to improve the financial management of federal agencies. – akademi.audit.gov.my pic, March 6, 2024

“Federal agencies are also reminded they need to improve their internal controls and financial systems, so that previous issues are not repeated again.”

As of January 11, a total of 130 financial statements for 2022 from federal agencies have been audited and issued auditor-general certificates.

Of this, 116 were issued the certificate with unmodified opinions, 141 with modified opinions, 13 with qualified opinions and one with an adverse opinion.

Federal agencies that received certificates with modified opinions for three years straight (2020, 2021 and 2022) are considered weak in terms of their preparation of financial statements, the auditor-general said.

“These agencies did not follow accounting standards, kept weak financial records, had financial system issues.”

In total, the auditor-general has made 16 recommendations to federal agencies as part of its 2022 audit report, which is being tabled today after obtaining consent from the Yang di-Pertuan Agong.

The auditor-general had also briefed Parliament’s Public Accounts Committee on the report yesterday. – March 6, 2024

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