At the Malaysia Day celebration in Tashkent, Uzbekistan, Deputy Finance Minister Lim Hui Ying highlighted Malaysia’s commitment to advancing governance standards by embracing digitalization and risk-based auditing. The National Audit Department is undergoing transformative changes, such as implementing advanced audit analytics to proactively identify risks and ensuring taxpayer money is well accounted for.
A key step in this transformation is the amendment of the Audit Act 1957, expanding the auditor-general’s reach and enhancing oversight of public spending, thereby maintaining public trust. Lim stressed the importance of collaborative governance between government bodies, private organizations, and audit professionals, emphasizing adaptability, accountability, and sustainability.
The Institute of Internal Auditors (IIA) Malaysia was commended for its role in promoting effective governance, risk management, and controls. The IIA has championed the integration of environmental, social, and governance (ESG) standards, cybersecurity, and ethical technology use in audit frameworks. Lim reiterated that these elements are essential for sustainable governance and highlighted IIA’s vision of empowering auditors to drive ethical and sustainable practices.
She also underscored the future of auditing, particularly in equipping internal auditors with AI-driven techniques and fraud detection systems to adapt to evolving governance landscapes. The IIA’s commitment to these developments is pivotal in enhancing organizational performance and resilience.
