Parker Randall was appointed as the auditor of 1MDB in January after Deloitte Malaysia resigned from the position. Former auditor Deloitte has disavowed the audited accounts for FY13 and FY14. Deloitte was 1MDB’s third auditor after Ernst & Young, whose contract was terminated before the auditor could complete the audit of 1MDB’s accounts for FY10. 1MDB said in September 2015 that Deloitte had made “specific and detailed enquiries” about these payments to IPIC before signing off on the fund’s accounts and thus, it stood by its audited financial accounts. However, after Deloitte’s resignation, 1MDB said that its FY13 and FY14 audited financial statements should no longer be relied on.

Source: The Edge Markets March 14, 2017 01:30 UTC