Number crunch 1MDB, PAC tells audit dept
The Public Accounts Committee (PAC) wants the national audit department to number crunch the debt-ridden 1Malaysia Development Berhad (1MDB).
The Public Accounts Committee (PAC) wants the national audit department to number crunch the debt-ridden 1Malaysia Development Berhad (1MDB).
Among the main issues, according to its chairperson Nur Jazlan Mohamed, is to audit the source of the RM2 billion to settle the firm's debts.
Other matters cited were the reported government's injection of new funds amounting to RM3 billion, the deal with PetroSaudi and the contradicting statements on whether the monies in Cayman Islands had been brought back to Malaysia or not.
Nur Jazlan ( left ) said the change in international auditing firms to approve 1MDB's account must also be looked into.
"PAC wants the national audit department to carry out its audit on 1MDB first before we (PAC) call them to face us soon," he added in a statement.
He said the audit is necessary because 1MDB is entirely public owned and negative speculations about the firm will hurt the government.
"The people need to know the truth and the government must be transparent about 1MDB. If all the investments and operations are legitimate then let it should be verified by a public entity, that is the Audit Department," he said.
Last year, Auditor-General Ambrin Buang said he saw "no reason" to audit 1MDB because it has already been audited by prominent audit firms.
"Why are we not auditing 1MDB? My answer is that its accounts have already been audited by one of the ‘big four’. So there is no reason why we should come in again,” Ambrin said.
1MDB’s accounts are publicly-available for viewing and were initially audited by KPMG but Deloitte replaced the firm and completed the audit for its 2013 financial year.

