The government is committed to elevating governance standards, with the National Audit Department driving transformative initiatives that emphasise digitalisation, risk-based auditing, and collaborative governance. Speaking at the Institute of Internal Auditors (IIA) Malaysia’s 2024 National Conference, Deputy Finance Minister Lim Hui Ying highlighted the significance of these efforts, which ensure that the nation takes a proactive approach in identifying risks and safeguarding taxpayer money.
“One of the cornerstones of this transformation is the amendment to the Audit Act 1957, a historic moment that will enhance our oversight capabilities,” said Lim. She explained that this amendment grants the Auditor General’s office greater authority and reach, enabling deeper insights into public spending and strengthening public trust in government institutions.
Lim also underscored the importance of collaboration between government agencies, private organisations, and audit professionals in shaping the future of governance. “We need to work together to build a governance model that is adaptable, accountable, and prepared for the challenges of tomorrow,” she remarked.
A key aspect of this transformation, according to Lim, lies in integrating sustainability principles, leveraging technology, and promoting transparency. This, she said, would help establish a governance framework that not only addresses current needs but also serves future generations.
In her address, Lim praised IIA Malaysia for its leadership in promoting effective governance, risk management, and controls, whether from an assurance or advisory perspective. She noted that the institute has been instrumental in championing the integration of environmental, social, and governance (ESG) standards, cybersecurity measures, and the ethical use of technology within audit frameworks.
“These pillars—ESG, cybersecurity, and innovation—are not just trending topics; they are the future of sustainable governance,” she emphasised. Lim pointed out that IIA Malaysia’s initiatives, such as this conference, continue to build a community of auditors ready to integrate resilience into organisational performance.
Lim concluded by aligning IIA Malaysia’s vision with the demands of the evolving governance landscape. She acknowledged the institute’s role in empowering internal auditors to ensure organisations remain sustainable and ethical. “Whether through advancing our understanding of artificial intelligence-driven audit techniques or embedding fraud detection systems, I am reassured that IIA Malaysia is committed to equipping internal auditors with the tools and knowledge to excel in this evolving field,” she said.
