Note to Najib, Arul & Co, and Delloites : Financial statements signed-off as true ,and passed without qualification ,cannot be then declared unreliable by directors: Consequences, including jail, must follow for all concerned.

by Ganesh Sahathevan
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Audited financial statements signed-off as true and fair cannot be declared unreliable by the very same managers and directors who signed off on the  financial statements. It is a bit like un-swearing a statutory declaration (yes, I know this has been done, but  Cecil Abraham & co live in a different universe).
And do note dear readers, that these signed financial statements are not only signed, but then sworn as true and fair before a notary public.
1 MDB's declaration that  its 2013 and 2014 audited financial statements should no longer be relied on is therefore only relevant to charges against the 1 MDB board for swearing a false declaration.Civil suits arr another matter, but I do want to digress into that. 
 Then the auditors. The auditors provide an opinion with regards the signed and sworn statements. If the directors and management then say the accounts are not reliable (or should not be relied on) then the opinion is no longer valid and should be withdrawn.It really is as simple as that, hefty audit fees notwithstanding. 

END

NB:The DOJ investigation is irrelevant. Why should it matter that what anyone else thinks or says about financial statements signed and sworn by the directors concerned.If anything, Arul should be even now on NR 1 (9M-NAA) to New York, demanding an apology from the DOJ for casting aspersions on 1 MDB,its board, and management.

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1MDB: Don’t rely on 2013, 2014 financial statements


KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has decided that its 2013 and 2014 audited financial statements should no longer be relied on, as a precautionary measure.  
The move follows a pending and final determination by a court of law of certain alleged facts described in the civil forfeiture suits by the United States Department of Justice (DOJ), 1MDB said.  
The DOJ filed civil forfeiture lawsuits last Wednesday to recover assets derived from alleged misappropriation from 1MDB.
The assets marked for seizure are held by Prime Minister Datuk Seri Najib Tun Razak’s stepson Riza Aziz, businessman Jho Low, and two former Abu Dhabi government representatives.
"Whilst the board remains confident that no wrongdoing has been committed by 1MDB and that the past audited financial statements continue to show a true and fair view of the company's affairs at the relevant points in time, the board has decided that (move) as a precautionary measure," 1MDB said in a statement Tuesday.  
1MDB also said it was finding a new auditor for the company to replace Deloitte, which had notified the government investment arm of its intention to resign on Feb 26 this year. 
"Until a new auditor is appointed, Deloitte will remain as auditor on record," it said. 
1MDB said Deloitte would continue to audit key subsidiaries including TRX City Sdn Bhd (formerly known as 1MDB Real Estate Sdn Bhd), Bandar Malaysia Sdn Bhd and Edra Bhd.  - Bernama

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