The Sabah government has introduced a new policy to support local participation in the auditing and financial services sector.

Sabah Finance Minister Datuk Seri Masidi Manjun said it would apply to state statutory bodies and government-linked companies (GLCs).

He said the policy gives priority to accounting firms based in Sabah, helping to keep more business within the state.

It also aims to strengthen the local accounting industry and support homegrown talent, he said.

“This policy is not just about procurement, it’s about securing opportunities for Sabahans.

“We want our young accounting graduates to thrive in their home state, and for our economic growth to be driven by local expertise.

“We are sending a clear message, Sabah is ready to nurture and grow its professional class, especially in fields like accounting and finance, which are vital to good governance and economic development,” he said in a statement.

Under the new rules, all audit and financial contracts worth less than RM50,000 must be awarded to firms based in Sabah and registered with the Sabah Association of Professional Accountants (SAPA).

For contracts above RM50,000, local firms must still be prioritised, with exceptions allowed with written approval from the ministry.

Meanwhile, SAPA thanked the state government for launching the initiative, which would boost job and training opportunities for local professionals.

“It represents a pivotal shift towards inclusive development and shows genuine commitment to the future of Sabah’s professional ecosystem,” said SAPA president Datuk Tan Kok Liang, who was quoted in the same statement following a courtesy visit to Masidi’s office here.

Source: The New Straits Times