KUALA LUMPUR (March 7): Asian Institute of Chartered Bankers (AICB) chairman Tan Sri Azman Hashim commended Auditor General Datuk Wan Suraya Wan Mohd Radzi for the 2022 financial audit report on federal agencies.
During his welcoming remarks at the Bank Audit Conference 2024 on Thursday, Azman noted that the conference was very fortunate to have Wan Suraya in attendance to deliver the event’s keynote address, given the media spotlight on her following the Auditor General's Report on Federal Agencies for 2022 issued a day ago.
“I must commend you Datuk [Wan Suraya] with coming out with such a transparent and independent report,” said Azman, who is also founder and major shareholder of AmBank.
Azman said he felt the auditor general did not mince her words in the report and noted it as a positive example to the internal audit professionals in attendance.
The Auditor General's Report on Federal Agencies for 2022 issued on Wednesday (March 6) covered the financial audits of 140 federal agencies.
Among these, the report flagged a number of agencies facing “going concern” issues, casting doubt on organisations’ resources and income to stay afloat.
In particular, the report disclosed that the Federal Land Development Authority (Felda) bled heavily in 2022 while having hefty loan repayment commitments, while PR1MA Corp Malaysia is struggling to pay off the RM1.75 billion second tranche of its sukuk maturing in October this year, given its loss-making position in 2022.
Meanwhile, it highlighted that the Armed Forces Fund Board (LTAT) has consistently logged a deficit in its reserves since 2020 — negative RM376 million in 2020, RM258 million in 2021, and RM338 million in 2022.
The Bank Audit Conference 2024, hosted by AICB and Chief Internal Auditors Networking Group (CIANG), provides a platform for internal audit professionals and experts to discuss the megatrends shaping the new audit and risk management landscape, regulatory developments, and how to further elevate the standards of internal audit practices in financial institutions in Malaysia.
The conference will feature over 30 bankers, regulators and internal audit experts shedding light on the notable global trends in the industry, including digital disruption and cybersecurity, the increasing importance of environmental, social and governance (ESG) issues in business coordination, and sustainability reporting.
Read also:
Making financial audits the key priority, to address non-compliance and governance shortfalls, says Auditor General
Auditor General flags Felda’s loan defaults, urges reducing reliance on government grants
AG's Report: PR1MA may struggle to pay second tranche of sukuk of RM1.75b in October 2024
AG's Report: LTAT reserves in deficit since 2020