Don’t count on our audit of 1MDB: KPMG

KPMG has reversed its audit on 1Malaysia Development Bhd (1MDB) financial statements for the financial years ending March 2010, 2011 and 2012, stating they do not provide a true and fair assessment of the company.

(The Sun Daily) – The board of directors of 1MDB in a statement today said they received a letter dated June 8, 2018, on the matter from KPMG, the company’s auditors for the financial years of 2010, 2011 and 2012.

In the letter, KPMG advised the board that 1MDB “should immediately take all necessary steps to prevent any further or future reliance” on the three audit reports.

According to KPMG, they reached the above decision after going through the recently declassified Auditor General’s report on 1MDB and other relevant documents, that were withheld from them by the previous management of the company.

If the documents had been disclosed to the auditors, KPMG believes the information “would have materially impacted the financial statements and the relevant audit reports”.

In addition, KPMG has advised the 1MDB board that it should notify the relevant authorities on the latest status of the audit reports.