In a span of four years, 1Malaysia Development Bhd (1MDB) had changed auditors twice, due to varying opinions on its investments and assets.
“This is the second time in a four-year period that audit services were terminated after the end of a financial year due to a difference in opinion regarding the valuation of investments,” said the Public Accounts Committee (PAC) in its report on 1MDB. Terengganu Investment Authority, the precursor of 1MDB, had appointed Ernst & Young (EY) as its auditors on March 25, 2009.
In relation to the financial year ended March 31, 2010, EY had asked for a due diligence to be conducted on the asset ownership in the joint venture (JV) with PetroSaudi International Ltd. It had also asked the management of 1MDB to provide the JV’s financial statements as at Sept 30, 2009 for it to assess the value of shares, assets and liabilities of the JV to determine the goodwill at that time.
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“This is the second time in a four-year period that audit services were terminated after the end of a financial year due to a difference in opinion regarding the valuation of investments,” said the Public Accounts Committee (PAC) in its report on 1MDB. Terengganu Investment Authority, the precursor of 1MDB, had appointed Ernst & Young (EY) as its auditors on March 25, 2009.
In relation to the financial year ended March 31, 2010, EY had asked for a due diligence to be conducted on the asset ownership in the joint venture (JV) with PetroSaudi International Ltd. It had also asked the management of 1MDB to provide the JV’s financial statements as at Sept 30, 2009 for it to assess the value of shares, assets and liabilities of the JV to determine the goodwill at that time.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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