Digital bank Revolut's board disappointed by its audit response

Digital bank Revolut has angered its board over the way it handled a report that auditor BDO was unable to verify 75% of its 2021 revenue, the Financial Times reported. Revolut's long-delayed accounts showed it turning a profit for the first time in 2021, but BDO said it could not verify three-quarters of Revolut's reported revenue, or $765 million, and warned some information could be "materially inaccurate". report". Revolut issued a public statement insisting that auditor BDO had confirmed that the "financial statements gave a true and fair view" of its financial position, and hired lawyer Schillings to emphasize the point. Some board members thought the statement was an "overreaction," said the statement, "written by someone who may not fully understand the nuances of the audit opinion," and that it contained "inaccuracies," according to two people familiar with the matter.