eTranzact explains delay in submission of 2019 financial statement

eTranzact International Plc on Friday apologised to its shareholders and stakeholders for failure to submit 2019 Audited Financial Statements (AFS) within the required framework.

The company apologised in a statement by Chidinma Onwubere, its Company Secretary, pasted on the Nigerian Stock Exchange (NSE) website.

Onwubere, however, expressed optimism that the 2019 AFS would be submitted to the Nigerian Stock Exchange (NSE) on or before June 10.

She attributed the delay to the inability of the External Auditors to conclude on their review work, due to delayed third party confirmation during the initial period of extension granted because of COVID-19 pandemic.

Onwubere noted that the company hand been unable to submit its 2019 AFS to the Exchange and the Securities and Exchange Commission (SEC) within the required framework.

“The development was unforeseen as the company expected to finalise the audit and publish the 2019 AFS by the stipulated deadline of May 29, 2020.

“The delay was as a result of the inability of the External Auditors to conclude on their review work, as a result of delayed third party confirmation during the initial period of extension granted due to COVID-19 pandemic.

“This is in view of the fact that the External Auditors needed to gain sufficient evidence on some significant disclosures and subsequent events, to enable the issuance of the audit opinion.

“We sincerely apologise for any inconvenience caused and we are optimistic to submit the 2019 AFS to The Exchange on or before June 10, 2020,” she said.