PAC notes 1MDB changed auditors twice in 4 years

PETALING JAYA: In a span of four years, 1Malaysia Development Bhd (1MDB) had changed auditors twice, due to varying opinions on its investments and assets.

“This is the second time in a four-year period that audit services were terminated after the end of a financial year due to a difference in opinion regarding the valuation of investments,” said the Public Accounts Committee (PAC) in its report on 1MDB. Terengganu Investment Authority, the precursor of 1MDB, had appointed Ernst & Young (EY) as its auditors on March 25, 2009.