USIM receives five-star rating for financial management in AG Report

NILAI: Universiti Sains Islam Malaysia (USIM) vice-chancellor Prof Datuk Dr Musa Ahmad expressed his satisfaction with USIM’s achievement in the Auditor-General’s Report 2016, as it was awarded the Five Star (Excellent) rating in the Accountability Index in Financial Management, with a total score of 90.97 percent.

He said the achievement saw the university maintaining the five star rating it received in 2015.

“The excellent rating received by USIM is the result of assessments made on nine key aspects of financial management control, namely Management Control; Budget Control; Receipt Control; Procurement Management; and Control of Expenditure.

“Also evaluated were Loan and Deposit Fund Management; Asset and Store Management; Investment and Loan Management as well as Financial Statement Management. The audit is carried out by reviewing financial records and documents for the year 2016, as well as financial statements for the year ending December 31, 2015,” he said in a statement here, yesterday.

He said the university’s robust and efficient financial management was proven when it received a five-star accountability index (scores of 90 and above) in seven aspects.

“What’s even more to be proud of is out of the seven assessed aspects, four of them were rated at 100 percent, namely Budget Control; Loan and Deposit Fund Management; Investment and Loan Management; and Financial Statement Management.

“The other five star ratings received were for Management Control (92.64 per cent), Receipt Control (90.20 percent) and Procurement Management (92.68 percent),” he said.

Musa said the rating was a clear indication that USIM was very careful and prudent in spending the financial allocation provided by the Federal government.

The auditing of financial management by the National Audit Department is in accordance with the requirements under Articles 106 and 107 of the Federal Constitution and Audit Act 1957.

A total of 38 Federal Statutory Bodies, including USIM, have been audited by the Auditor General’s Department. Bernama