The sovereign wealth fund said it had been granted an extension until
1MDB explained that it has had a new business direction since 2012 and has grown exponentially, requiring the consolidation of several new subsidiaries with large assets worldwide into the 1MDB Group.
"We expect to file and submit audited accounts in accordance with the extension granted by CCM, as it has in the past years," the fund said in response to reports that its auditor KPMG had been replaced.
"1MDB has appointed Deloitte, a Big Four accounting firm, to complete the audit for the year ended
"This is nothing special or new as it is in line with best market practice where companies decide on its current or future auditors after considering all aspects, including but not limited to conflict of interests and other consideration."
1MDB added that Deloitte will apply equally stringent auditing standards in line with international practice.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Vybz Kartel Convicted of Murder
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Koch Brothers Step up Anti-Obamacare Campaign
- U.S. Consumer Sentiment Falls in Early March
- U.S. to Relinquish Gov't Control Over Internet