The Taskforce, established under the auspices of the Institute of Internal of Auditors Malaysia (IIAM), is an industry-led initiative to formulate a detailed set of guidelines to facilitate compliance by companies with requirements pertaining to the internal audit function under the Malaysian Code on Corporate Governance.

The Taskforce, which held its first meeting on 9 May 2001, is chaired by Encik Abdul Samad Alias, the President of the Malaysian Institute of Accountants (MIA) and the Malaysian Association of Certified Public Accountants (MACPA). The other members of the Taskforce include representatives from the public sector, the academic sector, public listed companies and the Kuala Lumpur Stock Exchange (KLSE). The Commission is also represented on the Taskforce as an observer and will provide guidance and assistance where required.

The Commission's financial support towards the development of the guidelines on the role of the internal audit function is in line with its broader commitment, as enunciated in the Capital Market Masterplan, to ensure that the Malaysian capital market is characterised by high standards of corporate governance and accountability.