Revolut considers auditor change as it eyes UK banking license

<img width="562" height="339" src="https://www.leaprate.com/wp-content/uploads/2020/03/Revolut-app.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2020/03/Revolut-app.jpg 730w, https://www.leaprate.com/wp-content/uploads/2020/03/Revolut-app-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2020/03/Revolut-app-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2020/03/Revolut-app-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2020/03/Revolut-app-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2020/03/Revolut-app-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>BDO said that $477m of its top line was at risk of being “materially misstated”; an evaluation that <a href="https://www.leaprate.com/financial-services/fintech/revolut-adds-european-stocks-to-platform/" target="_blank" rel="noopener">Revolut</a> was unhappy with. Execs were also dismayed at the reaction to these remarks in the media. The Standard claims Revolut even instructed independent lawyers to try and change the media narrative. It appears that the debit card provider, which offers currency exchange, still bears a grudge and is looking to hire new auditors.</p>
<p>An imminent change is unlikely though the report claims BDO will continue in its role until the end of the current financial year. The audit-related challenges continue to be a major sticking point for Revolut as it attempts to secure approval for a long-awaited banking license in the UK. The red flag in March’s audit did little to smooth that process.</p>
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<p>Whether Revolut has addressed the IT control problems that were cited in the audit is not known. It did however state that its previous financial statements had provided a “true and fair view” of its operations, even if there was a different view of developments behind the scenes. Despite its struggles, Revolut remains an attractive proposition for investors. A funding round in 2021 valued it at $33bn and it continues to deliver healthy growth in the UK.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/news/revolut-considers-auditor-change-as-it-eyes-uk-banking-license/">Revolut considers auditor change as it eyes UK banking license</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>