Who watches GLCs, statutory bodies' finances?
%2Ffile%2Fattachments%2Forphans%2FEN_OffBudget-P3_330124.jpg&w=3840&q=75)
The article examines the challenges of auditing government-linked companies and statutory bodies in Malaysia, specifically focusing on the Tabung Haji fund. It highlights recent legislative amendments to the Audit Act 1957 that empower the auditor-general to better track public money.
Why it matters
Enhanced oversight of public funds is critical for preventing corruption and ensuring financial accountability in government-linked entities.
News ✕ Who watches GLCs, statutory bodies' finances? Khairil Yusof , S Vinothaa Published: Oct 9, 2026 7:00 AM Year after year, the auditor-general’s certificate on Tabung Haji’s accounts carried an important caveat about the scope of its audit: “Not every company beneath the pilgrims' fund had been audited by the auditor-general.”
Tabung Haji sat at the top of a sprawling corporate family spanning plantations, property, hotels, construction, marine businesses, and investments overseas.
Year after year, the auditor-general’s certificate on Tabung Haji’s accounts carried an important caveat about the scope of its audit: “Not every company beneath the pilgrims' fund had been audited by the auditor-general.”
Those companies’ accounts fed into the group’s financial statements, but an audit of the group did not necessarily mean the auditor-general examined every company beneath it.
That distinction would prove significant years later.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in