KUALA LUMPUR: The success of ministries achieving excellent ratings on their financial management is a testament that the public sector is continuously improving and moving in the right direction, economists said. The Auditor General’s Report 2016 Series 1, which was tabled today, found that all 25 ministries managed to achieve the ‘Excellent’ rating or five stars for their financial management last year, an improvement to ratings in previous years. “In 2016, the National Audit Department audited 25 ministries and 18 federal departments which were audited annually and 38 federal statutory bodies which were audited by three-year cycles. “All 25 ministries achieved Excellent ratings compared to 16 (64 per cent) and 20 (83.3 per cent) in 2015 and 2014 respectively,” the report read. This, she said, would have good impact for the country in terms of management of financial spending and expenditure savings.

Source: New Strait Times July 31, 2017 10:30 UTC