By MICHAEL R. SISAK

NEW YORK (AP) — The accounting firm that prepared former President Donald Trump’s annual financial statements says the documents, used to secure lucrative loans and burnish Trump’s image as a wealthy businessman, “should no longer be relied upon” after New York’s attorney general said they regularly misstated the value of assets.

In a letter to the Trump Organization’s lawyer Feb. 9, Mazars USA LLP advised the company to inform anyone who had gotten the documents not to use them when assessing the financial health of the company and the ex-president. The firm also said it was cutting ties with Trump, its highest-profile client.

Mazars’ letter, made public in a court filing Monday, came just weeks after New York Attorney General Letitia James said her civil investigation uncovered evidence that Trump and his company used “fraudulent or misleading” valuations of its golf clubs, skyscrapers and other properties to get loans and tax benefits.

“While we have not concluded that the various financial statements, as a whole, contain material discrepancies, based upon the totality of the circumstances, we believe our advice to you to no longer rely upon those financial statements is appropriate,” Mazars General Counsel William J. Kelly wrote to his Trump Organization counterpart, Alan Garten.

Kelly told Garten that Mazars could no longer work with Trump because of a conflict of interest and urged him to find another tax preparer. Kelly said several Trump-related tax returns still needed to be finished, including those of the former president and first lady.

The Trump Organization said in a statement it was “disappointed that Mazars has chosen to part ways,” but took Kelly’s letter as a positive because the accounting firm hadn’t found material discrepancies in Trump’s financial statements.

The letter “confirms that after conducting a subsequent review of all prior statements of financial condition, Mazars’ work was performed in accordance with all applicable accounting standards and principles and that such statements of financial condition do not contain any material discrepancies,” the Trump Organization said. “This confirmation effectively renders the investigations by the DA and AG moot.”

Kelly said Mazars performed its work on Trump’s financial statements “in accordance with professional standards” but that it could no longer stand by the documents in light of James’ findings and its own investigation. Kelly said Mazars’ conclusions applied to Trump’s 2011-2020 financial statements. Another firm handled Trump’s 2021 financial statement.

James’ office included a copy of Kelly’s letter in a court filing as she seeks to enforce a subpoena to have Trump and his two eldest children, Donald Jr. and Ivanka, testify under oath. A state court judge, Arthur Engoron, is scheduled to hear arguments Thursday in the subpoena dispute.

James, a Democrat, said Monday that given the evidence, “there should be no doubt that this is a lawful investigation and that we have legitimate reason” to question Trump, a Republican, and his children, both of whom have been Trump Organization executives.

Trump’s lawyers have argued that any testimony they give could be used against them in a parallel criminal investigation being overseen by the Manhattan district attorney’s office — a probe that led to tax fraud charges last year against the Trump Organization and Allen Weisselberg, its longtime chief financial officer.

Trump has given his Statement of Financial Condition — a yearly snapshot of his holdings — to banks to secure hundreds of millions of dollars worth of loans on properties such as a Wall Street office building and a Florida golf course, and to financial magazines to justify his place among the world’s billionaires.

In a court filing last month, James’ office detailed several instances in which Trump misstated the value of assets on financial statements given to banks.

Deutsche Bank accepted Trump’s financial statements without objection in a deal for $300 million in loans for three of his properties and, in internal memoranda, emphasized Trump’s reported financial strength as a factor in lending to him, James’ office said.

Another bank said it received financial statements in 2014 stating Trump had a net worth of $5.8 billion and liquidity of $302 million. A bank official involved in that deal told James’ office that if he were aware of misstatements on Trump’s statement of financial condition, he would have killed the deal.

James office said its investigation started after Trump’s former personal lawyer, Michael Cohen, told Congress in 2019 that Trump had a history of misrepresenting the value of assets to gain favorable loan terms and tax benefits.

Cohen gave copies of three of Trump’s financial statements to the House Committee on Oversight and Reform. Cohen said Trump gave the statements to Deutsche Bank to inquire about a loan to buy the NFL’s Buffalo Bills and to Forbes magazine to substantiate his claim to a spot on its list of the world’s wealthiest people.

Cohen served time in federal prison after pleading guilty in 2018 to tax crimes, lying to Congress and campaign finance violations, some of which involved his role in orchestrating payments to two women to keep them from talking about alleged affairs with Trump.

Trump’s lawyers have portrayed Cohen as having a vendetta against Trump and said in a recent court filing that it “stretches all credibility to believe that” James’ office put “any legitimate stock” in his testimony.

James’ office responded Monday that not only did it rely on Cohen’s testimony, but that his testimony is “vindicated by the evidence obtained to date and Mazars’s notification that those statements should not be relied upon.”

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Follow Michael Sisak on Twitter at twitter.com/mikesisak

By JAMES ELLINGWORTH and GRAHAM DUNBAR

BEIJING (AP) — Russian teenager Kamila Valieva has been cleared to compete in the women’s figure skating competition at the Winter Olympics despite failing a pre-Games drug test, setting her up for an attempt at a second gold medal.

Whatever happens on the ice, Valieva will not get a medal ceremony moment in Beijing. Nor will any skater who finishes in the top three with her.

The Court of Arbitration for Sport cleared Valieva to skate less than 12 hours after a hastily arranged hearing that lasted into early Monday morning. A panel of judges ruled that the 15-year-old Valieva, the favorite for the women’s individual gold, does not need to be provisionally suspended ahead of a full investigation.

The court gave her a favorable decision in part because she is a minor, known in Olympic jargon as a “protected person,” and is subject to different rules from an adult athlete.

“The panel considered that preventing the athlete to compete at the Olympic Games would cause her irreparable harm in the circumstances,” CAS Director General Matthieu Reeb said.

Now, Valieva and her fellow Russian skaters can aim for the first podium sweep of women’s figure skating in Olympic history. The event starts with the short program Tuesday and concludes Thursday with the free skate.

The International Olympic Committee said Monday afternoon that if Valieva finishes in the top three, there will be no medal ceremony during the Games. There will also be no ceremony for the team event won by Valieva and the Russian team a week ago.

“It would not be appropriate to hold the medal ceremony,” the IOC said.

Valieva landed the first quadruple jumps by a woman at the Olympics as the Russian team won gold in a dominant performance.

The decision not to award medals also affects Nathan Chen and the rest of the second-place American team, who will leave Beijing unsure if they won silver or gold. It would be Chen’s second gold of the Games. If Valieva and Russia are disqualified, Japan moves up to silver and Canada wins bronze.

“We are devastated that they will leave Beijing without their medals in hand, but we appreciate the intention of the IOC to ensure the right medals are awarded to the right individuals,” the U.S. Olympic and Paralympic Committee said in a statement.

The IOC decision also means the fourth-place finisher in the women’s event will have a good chance to move into the bronze position.

Shortly after the CAS ruling, Valieva skated at practice, watched by her coach, Eteri Tutberidze. She completed her program without a fall, drawing a smattering of applause from the Russian media watching.

Reaction around the world ranged from support of the young skater to complaints that Russian doping had once again damaged a sporting event.

In addition to her status as a minor, the CAS ruling cited fundamental issues of fairness, the fact she tested clean in Beijing and that there were “serious issues of untimely notification” of her positive test.

Valieva tested positive for the heart drug trimetazidine on Dec. 25 at the Russian nationals, but the result from a Swedish lab didn’t come to light until a week ago, after she helped the Russian Olympic Committee win the team gold.

Reasons for the six-week wait for a result from Sweden are unclear. In a statement, WADA suggested RUSADA slipped up by not signaling to the Stockholm lab that Valieva’s sample was a priority to be analyzed so close to the Olympics.

Her case has caused havoc at the Olympics since last Tuesday when the team event medal ceremony was pulled from the schedule because of the positive test.

The Russian anti-doping agency (RUSADA) immediately suspended her, then lifted the ban a day later. The IOC and others appealed, and an expedited hearing was held Sunday night. Valieva testified via video.

Athletes under 16 like Valieva have more rights under anti-doping rules and typically aren’t held responsible for taking banned substances. The focus of any future investigation will be on her coaches, doctors, nutritionists, etc.

This ruling only addresses whether Valieva can keep skating before her case is resolved. It doesn’t decide the fate of the one gold medal she has already won.

Those issues will be dealt with in a separate, longer-term investigation led by RUSADA, which took the sample in St. Petersburg.

The World Anti-Doping Agency will have the right to appeal any ruling by RUSADA, and also said it wants to independently investigate Valieva’s entourage.

The Valieva case means Russian doping has been a major theme for a six straight Olympic Games.

“This appears to be another chapter in the systematic and pervasive disregard for clean sport by Russia,” US Olympic and Paralympic Committee CEO Sarah Hirshland said in a statement.

Hirshland said the USOPC was “disappointed by the message this decision sends” and suggested athletes were denied the confidence of knowing they competed on a level playing field.

At the rink Tuesday, the ice dance competition was decided as the CAS prepared its verdict.

Gold medalists Gabriella Papadakis and Guillaume Cizeron of France and American bronze medalists Madison Hubbell and Zachary Donohue offered, “No comment.”

Nikita Katsalapov, who along with Victoria Sinitsina won the silver medal for the Russians, said simply: “Go Kamila!”

Hubbell and Donohue could have their silver medals upgraded to gold in the team competition.

“There’s no done deal yet, but I know all the people in the team want to receive the medals here as a team’” Hubbell said. “If we miss that opportunity, it’s huge disappointment.”

The IOC now says it will “organize dignified medal ceremonies once the case of Ms Valieva has been concluded,” whenever that may be.

___ AP Sports Writer Dave Skretta in Beijing contributed to this report

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By AAMER MADHANI

WASHINGTON (AP) — President Joe Biden is expected to issue an executive order on Friday to move $7 billion of the Afghan central bank’s assets frozen in the U.S. banking system to fund humanitarian relief in Afghanistan and compensate victims of the Sept. 11, 2001, attacks, according to a U.S. official familiar with the decision.

The order will require U.S. financial institutions to facilitate access to $3.5 billion of assets for Afghan relief and basic needs. The other $3.5 billion would remain in the United States and be used to fund ongoing litigation by U.S. victims of terrorism, the official said. The official spoke on the condition of anonymity because the decision had not been formally announced.

International funding to Afghanistan was suspended and billions of dollars of the country’s assets abroad, mostly in the United States, were frozen after the Taliban took control of the country in August.

The country’s long-troubled economy has been in a tailspin since the Taliban takeover. Nearly 80% of Afghanistan’s previous government’s budget came from the international community. That money, now cut off, financed hospitals, schools, factories and government ministries. Desperation for such basic necessities has been further exacerbated by the COVID-19 pandemic as well as health care shortages, drought and malnutrition.

The lack of funding has led to increased poverty, and aid groups have warned of a looming humanitarian catastrophe. State employees, from doctors to teachers and administrative civil servants, haven’t been paid in months. Banks, meanwhile, have restricted how much money account holders can withdraw.

The official noted that U.S. courts where 9/11 victims have filed claims against the Taliban will also have to take action for the victims to be compensated.

The Justice Department had signaled several months ago that the Biden administration was poised to intervene in a federal lawsuit filed by 9/11 victims and families of victims in New York City by filing what’s known as a “statement of interest.” The deadline for that filing had been pushed back until Friday because the department said the administration needed to resolve “many complex and important” issues that required consultation with “numerous senior officials and executive agencies and components.”

The executive order is expected to be signed by Biden later on Friday. The New York Times first reported on the coming order.

The Taliban have called on the international community to release funds and help stave off a humanitarian disaster.

Afghanistan has more than $9 billion in reserves, including just over $7 billion in reserves held in the United States. The rest is largely in Germany, the United Arab Emirates and Switzerland.

The Taliban are certain to oppose the split.

As of January the Taliban had managed to pay salaries of their ministries but were struggling to keep employees at work. They have promised to open schools for girls after the Afghan new year at the end of March, but humanitarian organizations are saying money is needed to pay teachers. Universities for women have reopened in several provinces with the Taliban saying the staggered opening will be completed by the end of February when all universities for women and men will open, a major concession to international demands.

In recent months, Afghans have been able to withdraw only $200 weekly and that only in Afghanis, not in U.S. currency. Afghanistan’s economy has teetered on the verge of collapse.

Under the previous U.S.-backed government, 80% of Afghanistan’s economy was financed by international money. That evaporated when President Ashraf Ghani fled Kabul on Aug. 15 and the government disappeared, leaving the door open for the Taliban to walk in.

The United Nations last month issued an appeal for nearly $5 billion, its largest ever appeal for one country, predicting nearly 90% of the country’s 38 million people were surviving below the poverty level of $1.90 a day. The U.N. also warned that upward of 1 million children risked starvation.

David Miliband, head of the International Rescue Committee, urged release of the funds to prevent famine, at a Senate Judiciary Subcommittee hearing on the matter Wednesday.

“The humanitarian community did not choose the government, but that is no excuse to punish the people, and there is a middle course — to help the Afghan people without embracing the new government,” Miliband said.

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Associated Press writers Kathy Gannon in Kabul, Afghanistan, and Eric Tucker and Ellen Knickmeyer in Washington contributed reporting.