1MDB appoints Deloitte as auditor [New Straits Time (Malaysia)]
(New Straits Time (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has appointed Deloitte, a Big Four accounting firm, to complete the audit of its accounts for the year ended March 31 2013.
The sovereign wealth fund said it had been granted an extension until March 31 this year to file its annual returns to the Companies Commission of Malaysia (CCM).
1MDB explained that it has had a new business direction since 2012 and has grown exponentially, requiring the consolidation of several new subsidiaries with large assets worldwide into the 1MDB Group.
"We expect to file and submit audited accounts in accordance with the extension granted by CCM, as it has in the past years," the fund said in response to reports that its auditor KPMG had been replaced.
"1MDB has appointed Deloitte, a Big Four accounting firm, to complete the audit for the year ended March 31 2013, after it was mutually agreed with KPMG that the firm would cease to be 1MDB's auditors.
"This is nothing special or new as it is in line with best market practice where companies decide on its current or future auditors after considering all aspects, including but not limited to conflict of interests and other consideration."
1MDB added that Deloitte will apply equally stringent auditing standards in line with international practice.
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