Finance Ministry to strengthen oversight of public funds through amended Audit Act, new procurement law
KUALA LUMPUR, Oct 12 — The Finance Ministry will use amendments to the Audit Act 1957 and the Government Procureme...
The Finance Ministry in Malaysia plans to bolster oversight of public funds and enhance transparency in government spending through amendments to the Audit Act 1957 and a new Government Procurement Act 2026. Treasury secretary-general Tan Sri Johan Mahmood Merican announced that the amended Audit Act will grant the Auditor-General more authority to track funds across government agencies and assess their utilization.
Additionally, the government has endorsed the Government Procurement Act, which will be implemented next year, aiming to tighten oversight in procurement processes by promoting transparency and ensuring value for money. The Act, gazetted on May 26, is expected to take effect in 2027 following a commencement date to be set by the Finance Minister.
Furthermore, a proposed Government-Owned Entities Bill is being considered to improve oversight of procurement and investments by government-owned entities, such as government-linked companies and statutory bodies. Prime Minister Datuk Seri Anwar Ibrahim emphasized that this Bill, aimed at preventing financial scandals like 1Malaysia Development Berhad (1MDB) and mismanagement in Tabung Haji and Felda, would help avert similar incidents in the future.
Anwar also highlighted that the forthcoming Government Procurement Act would enhance transparency by necessitating the public disclosure of project details, including contractor names and contract values, once it becomes effective in 2027.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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