Sources: UK financial watchdog finds flaws in Revolut's audit process

British financial regulators have found deficiencies in the audit process of British digital bank Revolut, the Financial Times reported, citing people familiar with the matter. A report by the Financial Reporting Council in July said an audit by accounting firm BDO of an unnamed "financial services provider" was "inadequate" and that there was an "undetected risk of material misstatement". . The unnamed company is Revolut, according to people familiar with the matter interviewed by the Financial Times. Revolut is currently under pressure to improve its internal controls in order to comply with legal and regulatory requirements. BDO's approach could cause delays in its filing of accounts, and failure to file on time could lead to prosecution of Revolut founder and CEO Nikolay Storonsky.