Finish 1MDB audit job then

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Finish 1MDB audit job then

Published on: Saturday, December 03, 2016

By Joshua Y C Kong
THE Executive Director of Deloitte Nizar Najib held a press conference in November, 2016 defending his family even after Deloitte resigned as auditor of 1Malaysia Development Berhad in July 2016, as the scandal surrounding the Malaysian state investment fund reverberates through the global financial system.1MDB even stated that its 2013 and 2014 audited financial statements should not be relied on following a US Department of Justice complaint in July, 2016 alleging a scheme to siphon more USD3.5b from the fund.
He was saying there’s “Nothing to fear if we have done nothing wrong.”
Why a press conference for the auditor’s firm after an earlier disclosure on the questioned audited accounts?
So what was he really defending? If he thinks there’s nothing wrong with 1MDB as that is one of the allegations of misappropriation, then Deloitte should complete its audit job on 2015 and make a reversal of the declaration of the “fictitious” accounts.
Prime Minister Najib should also make public the report of the Auditor General on the investigation on 1MDB now still classified as OSA item.
1MDB as “sovereign” fund should now be reviewed by a Royal Commission of Inquiry as its adverse impact on the nation is felt everywhere.
Also those involved with 1MDB directly and indirectly including the three auditors and the Auditor General should be penalised according to the law.
The auditors should be the “watchdogs” for the public interest.