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Revolut CFO quits after auditor BDO warning

standard.co.uk

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Re: Revolut CFO quits after auditor BDO warning

#12

Post by wslh »

bhouston wrote: post #9
petesergeant wrote: post #7

Earlier quoted context omitted.

For what crime?

Failing an audit doesn’t mean there is crime. But it is like a smoke alarm going off. It doesn’t mean there is a fire but there could be. This company is so big that it should have a mature infrastructure for this type of thing. It is quite strange and thus suspicious that it is running its business is a haphazard way that it can not be effectively audited.

Not clearly explaining the financials to an auditor by a big amount is an alarm and the CFO should clearly state why this is happening.

Re: Revolut CFO quits after auditor BDO warning

#13

Post by bhouston »

ceejayoz wrote: post #8
petesergeant wrote: post #7

Earlier quoted context omitted.

For what crime?

Isn't figuring that out the point of investigating?

I am not sure you can start a crime investigation until there is an accusation of a crime. A failing audit isn’t enough.

Financial oversight groups should start an investigation but it probably shouldn’t be called criminal at this point. Just an oversight issue where they demand more info.

Re: Revolut CFO quits after auditor BDO warning

#14

Post by rchaud »

CFO's comments to The Guardian in December 2022 (the article also mentions the auditor's concerns)[0]:

> Mikko Salovaara, its chief financial officer, told the Guardian in an interview that the company was on the brink of getting a banking licence from City regulators: “I think we’re at the very last stages. Really at the finish line.” Salovaara said the UK licence was a step towards achieving Revolut’s aim of becoming a “truly global bank”. It would allow the company to offer “an increasing set of services to our customers, particularly credit.”

Sounds like another Wirecard. There's even the cliched startup quote "we want to be the Amazon of banking". WC wanted to be the Paypal of Europe. Amazing how far you can get before you've earned a single cent of profit!

[0] https://www.theguardian.com/business/2023/mar/01/uk-fintech-...

Re: Revolut CFO quits after auditor BDO warning

#15

Post by exizt88 »

rchaud wrote: post #14

CFO's comments to The Guardian in December 2022 (the article also mentions the auditor's concerns)[0]: > Mikko Salovaara, its chief financial officer, told the Guardian in an interview that the company was on the brink of getting a banking licence from City regulators: “I think we’re at the very last stages. Really at the finish line.” Salovaara said the UK licence was a step towards achieving Revolut’s aim of becomi…

There’s a huge leap between fucking up your accounting systems and doing outright fraud. This isn’t even close to what WC was doing, at least from the available information.

Re: Revolut CFO quits after auditor BDO warning

#17

Post by rchaud »

joering2 wrote: post #4

Punchline: “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.”

Pssh, these are precisely the kind of burdensome regulations that are leading fast moving, thing-breaking companies like Revolut to leapfrog traditional finance /s

Re: Revolut CFO quits after auditor BDO warning

#20

Post by silisili »

krona wrote: post #16

The Revolut UK banking chief executive also just quit 'for unrelated reasons' after texting a death threat to a customer: https://www.telegraph.co.uk/business/2023/05/13/revolut-exec...

This is so hilariously bizarre. Why does a customer have a bank executive's personal number? Why was the account frozen? Who did the exec think he was texting? And who was he going to be waiting for armed?

I feel invested at this point, like I've watched a movie that just cut off in the middle...

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