1MDB: 'PAC never said it was satisfied with Deloitte's explanation'

The Public Accounts Committee (PAC) has never said it was ‘satisfied’ with the explanation given by audit firm Deloitte with regards to its audit report on 1Malaysia Development Berhad (1MDB) as of March 31, 2014.

PAC chairman, Datuk Nur Jazlan Mohamed said his committee members had differing views; however, it could only be made known after the probe on 1MDB is completed.

“We understand Deloitte’s situation where it has yet to receive instructions to audit 1MDB this year.

“So, I hope the Finance Ministry will call for it as soon as possible so that 1MDB’s accounts are audited for the purpose of investigation,” Nur Jazlan told a media conference at the Parliament lobby today.

The PAC yesterday revealed that Deloitte, which last audited 1MDB’s accounts for the financial year ending March 31, 2014, had not received instructions to start an audit this year.

That statement triggered Petaling Jaya Utara MP, Tony Pua, to claim that the Finance Ministry and 1MDB directors had violated the Companies Act by "refusing to allow Deloitte" to begin auditing the government-owned strategic development company, as reported by The Malaysian Insider this morning.

Citing Clause 160(1) of the Companies Act, Pua had said that a company's audited report must be lodged within six months after the financial year ends.

He, however, doubt that 1MDB would meet the deadline.

READ: 1MDB refutes allegations of refusing to allow Deloitte to begin auditing