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The unethical practices of international accounting firms should not be tolerated. All State and Federal governments must review the role and operations of international accounting firms that are involved in federal, state and private projects to ensure ethical practices and professionalism. Any unethical practices, including lack of transparency, questionable practices shall not be condoned and reported to the MIA.
This wave of corrupted practices is creating much uneasiness in corporate Malaysia, let alone the region and world. Companies are concerned about unethical practices. There are serious consequences in the manner in which accounting firms conduct their businesses, in ‘so-called’ interests of their clients.
First it was Goldman Sachs, a leading global investment banking, securities and investment management firm that contravened local and international laws in the 1MDB case. Its executives are now standing trail.
Then came the police raid on one of the Big 4 – Deloitte, an international audit consulting financial risk management firm, operating in Malaysia. The raid on the company was in relation to its involvement with the 1MDB case. KMPG was also involved in trying to cover up the misdeeds in Felda
Another international accounting firm that’s waiting to explode could be Grant Thornton, operating in Malaysia. The company is apparently being sued for questionable practices in Sabah, Malaysia. Their so-called professionals are a disgrace to the profession – cheating poor Sabahans this time.
Seeing Malaysia as a goldmine is fine for their lucrative services but succumbing to unlawful, illicit or breaching the standards and practices, is another issue entirely. They must be exposed for working against the people but being paid from the people’s money!