C & I Leasing to restate 2018 audited report. The C&I Leasing Plc. www.c-ileasing.com will restate 2018 audited report as a result of error in the audited financial statement of its Ghana subsidiary.
The management in a release stated that the company’s auditor, Deloitte & Touche has advised on the need to restate the audited financial statement for 2018 due to error.
The leasing company revealed this in a press release submitted to the Nigerian Stock Exchange www.nse.com.ng to inform the shareholders, stakeholders and the Exchange as well as general public about a possible error in the prior year audited accounts of its Ghana subsidiary, Leasafric Ghana Limited.
C&I leasing said: “a review was conducted on impact of the errors. The review was conducted by the Auditors of Leasafric, Deloitte & Touché, Ghana in order to ascertain the impact of the errors on Leasafric Financial Statement.
“Following the review, the Auditors have recommended that the financial statement be restated for 2018 in order to effect the correction”.
The management stated further that based on the Auditor’s review, C&I Leasing has estimated the impact of the restatement on its Group’s 2019 financial performance to be a maximum of N25.5 million.
On materiality threshold, the management therefore considered the impact as insignificant.
The company assures its stakeholders and the investing public that the group is resilient and well diversified to cushion the impact of the above detected financial error.
It stressed that adequate and robust control frameworks are in place to prevent a recurrence.
The company stock traded at N6.15 on Friday while its market capitalisation pitched at N2.486 billion on 404,252,500 outstanding shares.
C & I Leasing to restate 2018 audited report, written by Ogochi Ndubuisi
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