[rahimnathwani]

The article says:

  “There is not any doubt over the completeness of the balance sheet, which, in turn, logically means that total revenue is also correct,” he[0] said.

By my reading, this directly contradicts the statement of the auditors, published on Revolut's web site[1]:

  As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the completeness and occurrence of certain revenues for the year ended 31 December 2021. We have concluded that where the other information refers to revenue or related balances these may be materially misstated for the same reason.

By my reading, this says that it's not just revenue that may be materially misstated, but revenue or related balances. So the statement by the CFO directly contradicts what the auditors say about both the Income Statement and the Balance Sheet.

[0] Salovaara, the CFO.

[1] https://assets.revolut.com/pdf/Revolut_Ltd_YE_2021_Annual%20... which is linked on https://www.revolut.com/financial-statements/

[balderdash]

And the the thing that links those two financial statements is the statement of cash flows, which tells the real story…funny that wasn’t mentioned…

[jsmith99]

When auditors talk about the Other Information they mean the front half of the annual report and accounts i.e. the annual report rather the actual financial statements.

[rahimnathwani]

Yes, but:

1. The part I quoted suggest that any statement by management about revenue-related balances may be unreliable.

2. The 'Basis for qualified opinion', which does refer to the financial statements is clear that they were unable to verify almost 500MM GBP of revenue.

  ... we were unable to satisfy ourselves by the execution of such procedures or by alternative means concerning the completeness and occurrence of revenue within these streams totalling £476,856k which is included in the Statement of Comprehensive Income and Note 6 of the financial statements for the year ended 31 December 2021. Consequently, we were unable to determine whether any

adjustments to this amount or related amounts were necessary.

Regarding #2, if these numbers turn out to be incorrect, then it's extremely unlikely that the income statement could be adjusted without the balance sheet also being adjusted. The income statement reflects changes in the balance sheet over time. If the changes turn out to be wrong, then there are three possibilities:

A) The most recent balance sheet is wrong.

B) The previous balance sheet was wrong.

C) Both (A) and (B).