Friday 29 Mar 2024
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KUALA LUMPUR, (June 11): The Public Accounts Committee (PAC) said today it is not fully satisfied with Deloitte's audit opinion on 1MDB's audited accounts for the financial year ended March 31, 2014 (FY14).

"From their (Deloitte) explanation yesterday we have a different opinion on how the accounts (FY14) were done ... there are disagreements with the audit opinion.

"Also any information happening in this period (FY15) when the accounts have not been audited yet, Deloitte cannot comment because they have not audited it.

"They (Deloitte) are not responsible yet until they do the audit and sign off on the accounts for FY2015," PAC chairman Datuk Nur Jazlan Mohamed told reporters at Parliament today.

On the disagreements, Nur Jazlan revealed that apart from Deloitte stating that 1MDB is "a going concern" and its explanation on the assets for sale, PAC was not entirely satisfied with Deloitte's explanation.

PAC also has disagreements on many other issues pertaining to 1MDB's accounts with Deloitte, he added. Nur Jazlan, however, refused to disclose further details.

Nur Jazlan was commenting on the four-hour meeting with Deloitte's officials yesterday. He also pointed out that several media reports had misquoted him yesterday in stating that PAC was satisfied with Deloitte's explanation.

Yesterday, PAC said Deloitte, in conducting their audit of 1MDB’s financials for FY14, had viewed the bank statements of 1MDB's account at BSI Bank in Singapore and in a few other locations. The auditor had verified that the fair value of the assets there had totalled RM13.4 billion at that point in time.

Deloitte in yesterday’s meeting had informed PAC that they had obtained an independent valuation of the assets and that the valuation tallied with the numbers.

There are many events happened in the last 15 months since March 31, 2014, and that PAC needs an external party to certify and verify the FY15 accounts, said Nur Jazlan, adding that until the audit is done it would be a hindrance to PAC's work.

Nur Jazlan urges the Ministry of Finance, the sole shareholder of 1MDB, to quickly instruct Deloitte to start auditing 1MDB's books.

Until the audit is done, Nur Jazlan said PAC would not be able to pin down on who is accountable if there is any wrongdoings in the strategic investment fund.

Although obtaining 1MDB's latest financial accounts for FY15 was crucial, PAC opined that it would not hinder the commission in completing the probe.

 

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