Home > News > Nation
Thursday March 13, 2014 MYT 12:00:00 AM
Thursday March 13, 2014 MYT 7:42:12 AM
by martin carvalho, florence a. samy, AND l. suganya
ALL ministry directors-general will be responsible for signing off accounts under a new accounting system to be implemented next year, says the Parliamentary Public Accounts Committee (PAC).
Penalties would also be imposed on those found to have been involved in poor financial management.
PAC chairman Datuk Nur Jazlan Mohamed said under the Accrual Based Accounting System, the directors-general would ensure that their accounts would not have problems related to leakages. It is also to improve financial management and stop mismanagement which is costing the Government millions of ringgit annually.
“The system will be enforced on Jan 1, 2015 and the following year for state administrations.
“Under the system, the directors-general will have to sign-off their respective ministry’s accounts and will not be able to say that they are not aware of disparities or that the problems happen when they had moved to other departments,” he said yesterday.
He said the change in accounting methodology was needed owing to weaknesses in the present cash-based accounting system.
“Every transaction or purchase will be entered into the system which will then keep track of the ministry’s inventory,” he added.
Nur Jazlan said that some 1,000 trainers have begun training 79,000 accounting staff to prepare for the new accounting roll-out.
“We expect some form of resistance from certain quarters from the civil service as they may not be too happy at the changes in how things were previously done,” he said.
Nur Jazlan said it would take time to implement the new accounting system.
He added that when Britain implemented the accounting system for their administration in 2001, it was only in full swing by 2007.
He said that the Accountant-General will report to the PAC on a quarterly basis the progress of the new system which would eventually make ministerial accounts easier for the Auditor-General to scrutinise in the future.
Tags / Keywords:
Family Community, parl, pac
Liow baffled by DAP MP’s comments over airport construction
Lower auditing standards seem to have been applied
Khairy: PAC must probe Jho Low over involvement in 1MDB
1MDB under the spotlight
No need to question Najib, Jho Low over 1MDB, says PAC
Hon scares off robber at home
‘Help foreign students feel at home’
Just take the plunge, aspiring entrepreneurs told
MATTA launches GST navigator
No problem hanging out with George Clooney
Passion and food go hand in hand
Bash to mark developer’s completed project
New move to encourage reading
No glory is Rory's story as McIlroy misses cut
Copyright © 1995-2015 Star Publications (M) Bhd (Co No 10894-D)