UK regulators target Revolut for ‘material misstatement’ in audit: Report – Cointelegraph

The United Kingdom’s Financial Reporting Council has reportedly found flaws in the audit of cryptocurrency-friendly payments app Revolut that included an “unacceptably high” risk of “material misstatement.”

According to a Monday report from the Financial Times, the U.K. Financial Reporting Council criticized the results of a Revolut audit released in July by accountancy and business advisory firm BDO, claiming the company had an “inadequate” approach to revenue recognition and “the risk of an undetected material misstatement was unacceptably high.” The financial regulator reportedly said BDO had inadequately tested Revolut’s payment processes.

Revolut was valued as a $33-billion fintech firm in July 2021 following an $800-million investment round led by Japan-based financial company SoftBank and United States-based hedge fund Tiger Global. The Financial Times report suggested that the payments firm was under pressure from auditors to improve its internal controls in compliance with…

Read Full Story: https://cointelegraph.com/news/uk-regulators-target-revolut-for-material-misstatement-in-audit-report

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source: https://news.oneseocompany.com/2022/09/05/uk-regulators-target-revolut-for-material-misstatement-in-audit-report-cointelegraph_2022090529312.html

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