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UK regulators target Revolut for 'material misstatement' in audit: Report

Published 09/05/2022, 04:30 PM
Updated 09/05/2022, 06:00 PM
UK regulators target Revolut for 'material misstatement' in audit: Report

The United Kingdom’s Financial Reporting Council has reportedly found flaws in the audit of cryptocurrency-friendly payments app Revolut tha 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.

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