KUALA LUMPUR (Oct 28): Non-compliance of federal ministries and departments with financial management has led to issues involving irregular payments, loss of public funds and wastage amounting to RM620.07 million in 2020. He said this in a statement to Bernama after the Auditor-General’s report (LKAN) on the federal government's financial statements and the 2020 Federal Ministries and Departments Compliance Audit was tabled at the Dewan Rakyat on Thursday. Meanwhile, in the Emphasis of Matter on the Federal Government's Financial Statements, the auditor-general stated that the federal government's debt in 2020 amounted to RM879.56 billion or 62.1% of gross domestic product (GDP). According to the statement, the (LKAN) report contains three main components, namely the verification of the federal government's financial statements for the year ended Dec 31, 2020 (FY20), the federal government's financial analysis and the compliance audit of federal ministries and departments. Overall, the federal government's financial statements showed a true and fair view of the government's financial position for FY20 and its accounting records orderly and up to date, Nik Azman said.

Source: The Edge Markets October 28, 2021 15:45 UTC