Revolut’s Board is Dissatisfied With Its Audit Answer

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Last Updated on March 30, 2023 by Bitfinsider

Revolut, a digital bank located in the United Kingdom, has irritated its own board over how it handled allegations that auditor BDO was unable to validate a major portion of its 2021 revenues.

Revolut’s long-delayed accounts revealed the company made its first full-year profit in 2021, but BDO questioned the figures. In particular, it stated in the accounts that it was unable to validate three-quarters of the revenue claimed by Revolut — $765 million — and cautioned that some information may be “materially misstated.”

Then, according to a Financial Times story today, Revolut released a public statement asserting that BDO had verified the “financial statements offer a true and fair picture” of its finances, and engaged Schillings, the lawyers, to hammer the point home.

According to the story, some Revolut board members, including city luminaries Martin Gilbert and Michael Sherwood, thought the startup’s statement was a “overreaction” and that staff had failed to fully comprehend BDO’s view.

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