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AYO Technology Solutions, a leading South African ICT investment holding group, has announced a delay in the release of its audited financial results for the year ended August 31, 2024 mainly due to a change in auditor. Initially scheduled for publication around January 31, 2025, the company now expects to release its full financial results on or about February 14, 2025. AYO said in a Stock Exchange News Service statement on Friday that the delay is attributed to several factors that have impacted the completion of the audit process.
Key reasons for the setback include: – Resignation of external auditor: AYO’s joint external auditor, Thawt Inc, resigned on October, 30 2024, resulting in unavoidable disruptions to the audit process. – Appointment of new chief financial officer: The appointment of AYO’s new chief financial officer on December 1, 2024 required additional time to ensure proper oversight and assurance over the company’s financial reporting. – External quality review process: The completion of the external quality review process also necessitated extra time to ensure thoroughness and the highest standards of quality, with the company’s new auditors, Crowe JHB Inc, committed to finalising this review, AYO said.
An AYO spokesperson confirmed that the delay in the annual results has nothing to do with a recently filed notice of motion for the liquidation of the company earlier this month. Despite the delay, AYO has assured shareholders that the company is fully committed to complying with the JSE Listings Requirements. The Board said it has engaged proactively with the JSE to keep them informed and maintain transparency regarding the timeline for the release of the financial results.
“We remain committed to providing our shareholders with complete and accurate financial information,” the company stated. The updated release date for the audited financial statements is now anticipated to be on or about February 14, 2025. BUSINESS REPORT.
