The three others are State Treasury Department, Majlis Islam Sarawak and Miri Port Authority. Financial Management Accountability Index is an objective, quantitative assessment of the financial management compliance of the auditees.
The 4-star award is the highest rating for excellent financial management based on Financial Management Accountability Index (FMAI) by the National Audit Department of Malaysia (NAD).
The National Audit Department (NAD) of Malaysia has undertaken various efforts to enhance accountability and integrity of public fund management in all government ministries, departments and agencies at Federal and State levels.
Among these is the Accountability Index (AI) of Financial Management which is one of the initiatives introduced in 2007. The AI provides a structured and consistent approach to measure and compare the level of financial management compliance among the state ministries and departments and its agencies. The introduction of the AI is in response to the non-compliance and weak internal control that were mentioned in the Auditor General’s annual audit reports.
SEDC was one of the first agencies to be adopted by the National Audit Department under its Accountability Index programme in 2007. Following this programme, SEDC was awarded 3-star rating for the years 2007 and 2008, before bagging the highest rating of 4-star for 2009.
Speaking at a special staff gathering in appreciation for winning the Award, YB Datuk Haji Talib Zulpilip, who is the Chairman of SEDC and also the State Tourism Assistant Minister thanked all staff for their integrity, compliant, commitment and teamwork, key components of the corporate work culture that have enabled SEDC to establish itself as one of the leading agencies in the State.
According to Talib, the Award is an outstanding recognition of SEDC’s efforts to improve its management, services and products to its customers particularly in the area of financial management.
Over the years, various initiatives have been undertaken by the Corporation to enhance its financial management. These include adopting Transparency International’s Integrity Pact in December 2007, reviewing its Financial Regulations in 2009, establishing new procedures that allow for disbursement of small-scale loans to successful applicants within three (3) days through its, “GREEN LANE” payment system and implementing a stringent system of check and balance to ensure proper conduct and transparency in daily operations.
“This Award will inspire us to continually look for ways to improve our business systems and ensure efficient financial management of our resources and assets.” he added.
In 2008, SEDC was also awarded the Malaysian Business Ethics Excellence Award for Ethical Business Practices by the Ministry of Domestic Trade and Consumer Affairs, the only agency from Sarawak to win the prestigious award.
On hand to receive the 4-Star Accountability Index Award from the Negeri Sembilan Menteri Besar, Dato’ Seri Utama Haji Mohamad Haji Hasan recently was YB Datuk Haji Talib Zulpilip who was accompanied by SEDC’s General Manager, Dr. Haji Sulaiman Haji Husaini, Director of Corporate Finance, Puan Rakayah Hamdan and Director of Internal Audit, Encik Yap Yien Chiang. The event was held in conjunction with the official opening of “Hari Audit Se-Malaysia 2010” at Negeri Sembilan.
