Revolut Auditor Flags Concern About $576 Million of Revenue in Long-Delayed 2021 Accounts

Revolut'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's annual report showed. From a report: The 2021 accounts were signed off this week after months of delays, following a revamp of Revolut'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 "completeness or occurrence". The company's "IT systems weren't designed in such a way that would allow for IT or business process controls to be effectively tested throughout the year," BDO added. "Verification procedures are not able to provide sufficient appropriate assurance" over Revolut's main revenue generators which include subscriptions, cards delivery, foreign exchange and wealth, it added. BDO warned that some information may be "materially misstated." Revolut was valued at around $33 billion in its last funding round in 2021, making it then Britain's most valuable start-up

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