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 Procurement Act 2026 to strengthen oversight of public funds and improve transparency in government spending.
Treasury secretary-general Tan Sri Johan Mahmood Merican said the amended Audit Act gives the Auditor-General greater scope to trace funds across government agencies and examine how the money is used.
"The government has also approved the Government Procurement Act, which enables the government to tighten oversight in terms of transparency and value for money in the procurement process.
"The Act will be enforced next year, where the government will also share details on companies receiving the contracts," Johan said.
The ...
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