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Friday, January 6, 2017

1MDB failed to give full picture in announcing new auditor, claims Pua

1MDB has failed to give a full picture when it announced the appointment of Parker Randall as its new auditor, DAP lawmaker Tony Pua claimed today.
"Waa... new auditors at last. Some more got fancy 'Parker Randall' name," Pua said in his Facebook posting.
Shortly after treasurer-general Mohd Irwan Serigar Abdullah revealed yesterday that 1MDB has finally secured a new audit firm, 1MDB also issued a brief statement.
Pua then took a swipe at 1MDB by saying "The more accurate press release should have read: 1MDB appoints Afrizan Tarmili Khairul Azhar or "Aftaas" (http://aftaas.com) as its new auditor".
"Aftaas is a member of Parker Randall International, an international association of audit and accounting firms," he added.
When contacted, Pua said it is not wrong for both 1MDB and Irwan to name Parker Randall as the new auditor.
He said many local auditors have affiliations with international firms to uplift their image.
However, Pua said both 1MDB and Irwan have not given the full facts and were trying to dictate the public's perception.
"They should say Aftaas was appointed (instead)," he said.
Pua doubted if Parker Randall has a firm in Malaysia, just like PricewaterhouseCoopers (PwC) and Ernst & Young.
Parker Randall registered with MIA
Later today,1MDB president Arul Kanda Kandasamy brushed off Pua's allegation, saying that Parker Randall was indeed a firm registered with the Malaysian Institute of Accountants (MIA), bearing registration number AF 002067.
"Pua should check the facts first before making such a misleading statement," Arul Kanda told Malaysiakini.
However, a check on the MIA's members directory revealed that Parker Randall indeed shares the same email and headquarters address with audit firm Afrizan Tarmili Khairul Azhar.
Afrizan Tarmili Khairul Azhar is a firm bearing the registration number AF 1300, as stated in the MIA website.
Last October, Finance Minister II Johari Abdul Ghani said that 1MDB had yet to find a new auditor to take over from Deloitte Malaysia, which resigned in July.
Therefore, 1MDB is still unable to submit its financial statement ending March 31, 2015, despite being given two six-month extensions until March 2016 from the Companies Commission of Malaysia (CCM) to submit the report.
1MDB's predecessor Terengganu Investment Authority (TIA) first roped in Ernst & Young as its auditor in March 2009, but its service was terminated in September 2010, before 1MDB submitted its first financial statement for March 31, 2010.
1MDB later appointed KPMG, one of the big four that signed off on 1MDB's accounts in 2010, 2011 and 2012.
Deloitte Malaysia then took over from KPMG after the state-owned firm sacked KPMG in December 2013.- Mkini

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