1MDB yet to find new auditor

johari-1mdb

PETALING JAYA: 1MDB has yet to appoint a new auditor to take over from Deloitte Malaysia, which resigned in July, Second Finance Minister Johari Abdul Ghani said.

The state investment arm’s failure to find a new auditor also means that it is unable to submit its financial statement ending March 31, 2015 despite being given two six-month extensions by the Companies Commission of Malaysia (CCM), Malaysiakini reported.

Johari said the 1MDB board has been actively searching for a new auditor since Deloitte’s resignation several months ago and has informed the Finance Ministry of their inability to do so.

“I think they want to look for an auditor that is willing to accept the job,” the news portal quoted him as saying.

Johari added there were a lot of things that needed to be done by 1MDB, including convincing an auditor to take on the task.

Deloitte was appointed to replace KPMG who oversaw 1MDB’s accounts in 2010, 2011 and 2012.

In February, however, it had notified 1MDB of its intention to resign although it did not give any reasons.

KPMG meanwhile was reportedly dismissed after a difference of opinion on the fair value of 1MDB’s investment in Bridge Global SPC through Brazen Sky Ltd.

Earlier this month, 1MDB president Arul Kanda said Deloitte stepped down because it was unable to complete auditing 1MDB’s 2015 accounts.