AYO Technology Solutions, a leading South African ICT investment holding group, has confirmed the delay in the publication of its audited annual financial statements that were due on Friday. Photo: Independent Newspapers
AYO Technology Solutions, a leading South African ICT investment holding group, has confirmed the delay in the publication of its audited annual financial statements (AFS) that were due on Friday.
In a Stock Exchange News Statement of Friday it referred its shareholders to its announcement on January 31, 2025 where they were advised that the release of AYO's financial results for the year ended August 31, 2024 would take place on or about February 14, 2025 due to delays in the finalisation of the audit of the financial results.
It said the delay was due to the Auditor's Engagement Quality Control Review (EQCR) not yet being finalised.
AYO explained that the EQCR is a rigorous and thorough process designed to maintain the highest standards of corporate governance and that the EQCR process could only commence after the results had been audited.
As AYO has already conveyed via SENS on January 31 2025, the auditing process had been delayed due to:
1. The resignation of AYO's joint external auditor, Thawt Inc, on October 30, 2024, which caused unavoidable disruptions to the audit process;
2. The appointment of AYO's new chief financial officer, on December 1, 2024, which called for additional time for assurance over financial reporting.
“We are committed to completing the EQCR process as soon as possible and have been in communication with the Johannesburg Stock Exchange (JSE), who have been apprised of the situation, ” AYO said in a statement.
It further said, “This matter is beyond the direct control of AYO's management, and AYO takes it seriously to ensure the financial integrity of the results. AYO expects, therefore, to release the Audited AFS on or before February 28, 2025.”
The company added that it will continue to keep all shareholders updated.
“AYO wishes to once again reaffirm that we remain dedicated to transparency and open engagement with all stakeholders throughout this process,” it said.
BUSINESS REPORT