Financial Management Accountability Index (FMAI) In Malaysian Public Sector: A Way Forward
The National Audit Department (NAD) of Malaysia has introduced the Financial Management Accountability Index (FMAI) within the framework of the audit rating system. This paper shares the Malaysian experience in using FMAI as accountability medium, evaluates the FMAI scores obtained by Agencies, and proposes measures to enhance the usefulness of FMAI. The paper uses secondary data as provided on the NAD Web site. Descriptive analyses were conducted in evaluating the rating scores across Agencies. It was found that majority of the Agencies have a 'Good' financial management system, with Federal Agencies performing better than their counterparts at the State level.