EPF's Internal Audit Practice Wins Special Award - Named 'Most Promising Company' for Best Internal Audit Practice

The Employees Provident Fund (EPF) was honoured with the "Most Promising Company" special award at the 2005 Best Internal Audit Practice Award (BIAPA) Gala Dinner held in Kuala Lumpur on August 29, 2005. The BIAPA is a collaborative effort between The Institute of Internal Auditors Malaysia (IIAM) and The Malaysian Institute of Accountants (MIA) to promote the highest standards in internal audit practices.  "This is a significant achievement for the EPF, and demonstrates the EPF's efforts in developing and promoting best practices in our internal audit process. It will also spur the EPF to continuously enhance every aspect of our internal processes and procedures as part of our strategy to improve the overall management and day-to-day operations of the Fund," said Datuk Azlan Zainol, EPF's Chief Executive Officer. "This award, along with other recognitions we had received from other credible professional organisations and government agencies gives credence to the hard work that the EPF team has put in over the past years," he added. According to the Auditor General's report in 2004, the EPF had recorded a favourable performance in an audit exercise carried out on Federal Statutory Bodies to gauge the effectiveness of an organisation's management. The report highlighted that the EPF is one of only two organisations out of a total of 32 organisations, which achieved a 'good' rating for every criterion evaluated under the audit exercise which includes organisation management, established committees, systems and procedures and financial management. The evaluation criteria for the BIAPA award, meanwhile, focused on internal audit practices of companies with in-house audit departments that demonstrated best practices in positioning and audit strategies, audit process and enablers, as well as audit resource capabilities.  About the Employees Provident Fund (EPF)The EPF is Malaysia's national provident fund that aims to provide financial security for its members' retirement purposes. The fund is committed to preserving and growing the savings of its members in a prudent manner in accordance with best practices in investments and corporate conduct. Its services are also being improved with focus on people skills, processes and procedures. The EPF will continue to play a catalytic role in the nation's development, consistent with its position as the largest social security organization in Malaysia. Sumber:http://www.kwsp.gov.my/index.php?ac=1367&ch=p2news&pg=en_p2news_press