Revolut board disliked response to audit review

Revolut, a British-Lithuanian neobank that enables customers to trade cryptocurrencies, is facing issues regarding its recently released annual report for the year ending December 2021.

Revolut stated its first-ever full year of profit on March 1, 2023, reporting a revenue of 636 million British pounds ($769 million) in 2021, up from 220 million pounds ($266 million) in 2020.

The report was reviewed by independent auditors from the global accounting network BDO, who confirmed the report was accurate, except for the effects of the matters described in the basis for the qualified opinion section, regarding completeness and occurrence of certain revenues for 2021.

Revolut responded to BDO’s remarks, disputing the accuracy of the audit opinion and hiring lawyers to prove “misreporting.” However, the statement was taken down later, with some board members feeling it was an “overreaction” and showing a lack of understanding of what BDO’s opinion meant.

The sources alleged that Revolut’s true revenues could either be higher or lower than stated in the report because some transactions could be missing. Revolut has not commented on the matter.