{"id":1112517,"date":"2023-03-01T09:40:00","date_gmt":"2023-03-01T14:40:00","guid":{"rendered":"https:\/\/www.prime-wow.com\/?p=1112517"},"modified":"2023-03-01T09:40:00","modified_gmt":"2023-03-01T14:40:00","slug":"revolut-auditor-flags-concern-about-576-million-of-revenue-in-long-delayed-2021-accounts","status":"publish","type":"post","link":"https:\/\/www.prime-wow.com\/?p=1112517","title":{"rendered":"Revolut Auditor Flags Concern About $576 Million of Revenue in Long-Delayed 2021 Accounts"},"content":{"rendered":"<p>Revolut&#8217;s auditor BDO was not able to independently verify three-quarters of the 636 million pounds ($765 million total revenue reported by the fintech firm in its long-delayed 2021 accounts, Revolut&#8217;s annual report showed. From a report: The 2021 accounts were signed off this week after months of delays, following a revamp of Revolut&#8217;s internal accounting systems and heavy regulatory scrutiny. But BDO flagged concerns that it could not verify 477 million pounds of revenue, nor vouch for their &#8220;completeness or occurrence&#8221;. The company&#8217;s &#8220;IT systems weren&#8217;t designed in such a way that would allow for IT or business process controls to be effectively tested throughout the year,&#8221; BDO added. &#8220;Verification procedures are not able to provide sufficient appropriate assurance&#8221; over Revolut&#8217;s main revenue generators which include subscriptions, cards delivery, foreign exchange and wealth, it added. BDO warned that some information may be &#8220;materially misstated.&#8221; Revolut was valued at around $33 billion in its last funding round in 2021, making it then Britain&#8217;s most valuable start-up<\/p>\n<p \/>\n<div class=\"share_submission\">\n<a class=\"slashpop\" href=\"http:\/\/twitter.com\/home?status=Revolut+Auditor+Flags+Concern+About+%24576+Million+of+Revenue+in+Long-Delayed+2021+Accounts%3A+https%3A%2F%2Fbit.ly%2F3EKO937\"><img decoding=\"async\" src=\"https:\/\/www.prime-wow.com\/wp-content\/uploads\/2023\/03\/twitter_icon_large-12.png\" \/><\/a><br \/>\n<a class=\"slashpop\" href=\"http:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fnews.slashdot.org%2Fstory%2F23%2F03%2F01%2F1324236%2Frevolut-auditor-flags-concern-about-576-million-of-revenue-in-long-delayed-2021-accounts%3Futm_source%3Dslashdot%26utm_medium%3Dfacebook\"><img decoding=\"async\" src=\"https:\/\/www.prime-wow.com\/wp-content\/uploads\/2023\/03\/facebook_icon_large-6.png\" \/><\/a><\/p>\n<\/div>\n<p><a href=\"https:\/\/news.slashdot.org\/story\/23\/03\/01\/1324236\/revolut-auditor-flags-concern-about-576-million-of-revenue-in-long-delayed-2021-accounts?utm_source=rss1.0moreanon&amp;utm_medium=feed\">Read more of this story<\/a> at Slashdot.<\/p>\n<p>&#013;<br \/>\n&#013;<br \/>\nSource: Slashdot &#8211; <a href=\"https:\/\/news.slashdot.org\/story\/23\/03\/01\/1324236\/revolut-auditor-flags-concern-about-576-million-of-revenue-in-long-delayed-2021-accounts?utm_source=rss1.0mainlinkanon&amp;utm_medium=feed\" target=\"_blank\" rel=\"noopener\">Revolut Auditor Flags Concern About 6 Million of Revenue in Long-Delayed 2021 Accounts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revolut&#8217;s auditor BDO was not able to independently verify three-quarters of the 636 million pounds ($765 million total revenue reported by the fintech firm in its long-delayed 2021 accounts, Revolut&#8217;s annual report showed. From a report: The 2021 accounts were &hellip; <a href=\"https:\/\/www.prime-wow.com\/?p=1112517\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1112518,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[101,110],"tags":[100],"class_list":["post-1112517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-slashdot","category-unfiltered-rss","tag-slashdot"],"_links":{"self":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1112517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1112517"}],"version-history":[{"count":0,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1112517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/media\/1112518"}],"wp:attachment":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1112517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1112517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1112517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}