Payments group criticised over attempt to minimise BDO’s red flags via IrishTimesBiz
Michael Power, professor of accounting at the London School of Economics, described Revolut’s statement as “bizarre”. “They neglect to mention the ‘except for’ rider to that opinion,” he said.
Some board members felt the statement was an “overreaction” and showed a lack of understanding of what BDO’s opinion meant, according to two people with knowledge of the matter. The board, which is chaired by City of London veteran Martin Gilbert and includes former Goldman Sachs banker Michael Sherwood and former Deloitte partner Caroline Britton, has been under pressure to improve Revolut’s culture and governance as it seeks a UK banking licence.
BDO, whose audit fee from Revolut rose more than fourfold to £4.5 million for 2021, declined to comment. “If BDO felt that the only issue was an allocation issue, they would have worded their opinion to make that clear,” said another person close to Revolut with knowledge of the audit.
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