Putrajaya: The National Audit Department of Malaysia (NADM) is hosting the inaugural meeting of the Asian Organisation of Supreme Audit Institutions (ASOSAI) Working Group on State-Owned Enterprises (SOE) Audit from today to May 28 in Putrajaya.
According to BERNAMA News Agency, the meeting will bring together 41 representatives from 17 supreme audit institutions across Asia, including Brunei Darussalam, China, Georgia, India, Indonesia, Iran, the Maldives, Qatar, and Yemen, with delegates from Jordan, Russia, and South Korea participating virtually.
In a statement today, NADM said the establishment of the working group was officially endorsed during the 16th ASOSAI Assembly held in New Delhi on September 24 last year, with Malaysia appointed as Chair this year.
"This initiative is the first under ASOSAI to focus specifically on strengthening the audit of SOEs among Asian countries. Its primary objective is to enhance the capacity and effectiveness of supreme audit institutions in strengthening governance, ethics, accountability, and sustainability within the public sector," it said.
The meeting will finalize the key foundation documents of the working group, namely its terms of reference, work plan, and a proposed framework for the SOE audit guidelines, as well as address the challenges of developing such guidelines.
NADM added that one of the main outcomes of this initiative is the development and publication of the first-ever regional SOE audit guidelines in Asia, which will assist ASOSAI members in enhancing their audit approaches and governance.
"Given the complexities of SOE auditing, such as the vast number of SOEs in some countries, their cross-sector roles, and diverse regulatory environments, a harmonized set of guidelines is crucial to standardize audit practices and promote consistency," NADM said.
The guidelines will also serve as a reference in updating NADM's existing SOE audit framework, aligning it more closely with international standards and best practices.
In line with the recent amendment to the Audit Act 1957, the number of SOEs placed under the department's purview has increased significantly.
Pursuant to the Audit (Accounts of Other Bodies) (Amendment) Order 2024, a total of 1,856 SOEs have been gazetted for audit, a sharp spike from the 925 gazetted in 2022.
This expansion reflects the continued strengthening of NADM's audit mandate and the Malaysian government's commitment to enhancing oversight and accountability in the public sector.