In the case of the 2018 interims, the JSE noted that profit after tax decreased by 19%, and earnings per share decreased by 13% following restatements.
However, even this was not accurate. According to the JSE, Ayo omitted numerous disclosure notes when publishing its audited 2019 annual financial statement . As a result, the audit report on which the 2019 AFS was based was withdrawn, and the auditor, BDO, reissued its report. According to the JSE, Ayo did not have robust financial reporting procedures and did not appear to have sufficient staff on its finance team. As a result, on the income statement intangible assets, inventories, receivables and payables had to be restated.
The balance sheet also underwent significant changes with alterations made to goodwill, reserves and contingent consideration liabilities, among other items.
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