RM4.8bil TH audit discrepancy calls for answers, says watchdog group
C4 says a review of the national audit department’s practices is warranted, but experts say different accounting treatments can produce different figures.
An anti-corruption watchdog has called for a review of Malaysia's national audit department after a RM4.8 billion discrepancy emerged between a government report and a separate audit of Tabung Haji's finances. The Center to Combat Corruption and Cronyism (C4) suggests that financial mismanagement in other statutory bodies may have gone unnoticed due to standard accounting practices.
Former auditor-general Madinah Mohamad defended the national audit department's audit, stating that a direct comparison between the two reports is not valid due to their differing purposes, terms of reference, and methodologies. However, C4 head Arief Hamizan argues that the discrepancies call for an urgent review of the audit department's practices and governance.
C4 also advocates for institutional reforms, including a ban on political appointments to statutory bodies and government-linked companies. The discrepancy arose when Tabung Haji reported a RM3.4 billion profit in 2017, contrary to the accounting standards, which should have indicated a net loss of RM1.4 billion – a difference of nearly RM4.8 billion. The Malaysian Anti-Corruption Commission has launched investigations into the inquiry's findings.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- RM4.8bil TH audit discrepancy calls for answers, says watchdog group freemalaysiatoday.com
