KUALA LUMPUR (March 14): The DAP's Tony Pua said it would not be possible for 1Malaysia Development Bhd (1MDB) to make it on time to submit its financial year ended March 31, 2015 (FY15) and FY16 accounts to the Companies Commission Malaysia (SSM) by end of this month (March 31). At Parliament lobby today, Pua, who is MP for Petaling Jaya Utara, said it is impossible for 1MDB to complete both sets of the said financial statements, without an opening balance. "Any auditor worth their salt would immediately tell you that they (1MDB) will not be able to complete a financial audit for the year, with the opening balance or prior year accounts. Hence, Pua said the only resolution for the matter is to conduct another audit on 1MDB's FY13 and FY14 accounts. While Parker Randall is a multinational audit firm, Pua said the firm's presence in Malaysia is represented by a four-partner firm called Afrizan Tarmili Khairul Azhar.

Source: The Edge Markets March 14, 2017 06:00 UTC