Latest news with #statutoryauditors
Yahoo
11-07-2025
- Business
- Yahoo
COIL : UPDATE ON THE REVIEW OF INTERIM FINANCIAL STATEMENTS
UPDATE ON THE REVIEW OF INTERIM FINANCIAL STATEMENTS As part of the interim review process, COIL has received a request for additional information from its statutory auditors regarding the going concern assumption. This request reflects a context of recurring losses and liquidity pressure currently being addressed by the Company. Brussels, 11 July 2025 (6:30pm) - As part of their review of the Company's interim financial statements, the statutory auditors have requested further information concerning the going concern assumption. This request comes in the context of significant losses recorded over recent years, notably due to stagnating turnover and high fixed costs, as well as liquidity pressure already identified and currently being addressed. The Company is actively implementing concrete measures to strengthen its financial position - including a possible capital increase, asset disposals, and debt restructuring - and will provide the requested information to the auditors within the appropriate timeframe. At this stage, this situation has no impact on the Company's ongoing operations. Further details will be communicated with the release of interim revenues, scheduled for 29 July 2025. About COIL COIL is the world's leading anodiser in the building and industrial sectors and trades under the ALOXIDE brand name. Anodising is an electrochemical process (electrolysis) which develops a natural, protective oxide layer on the surface of aluminium and can be coloured in a range of UV-proof finishes. It gives the metal excellent resistance to corrosion and/or reinforces its functional qualities. Anodising preserves all the natural and ecological properties of aluminium; it retains its high rigidity and excellent strength-to-weight ratio, its non-magnetic properties, its exceptional resistance to corrosion. The metal remains totally and repeatedly recyclable through simple re-melting. Anodised aluminium is used in a wide variety of industries and applications: architecture, design, manufacturing, and the automotive sector. COIL deploys an industrial model that creates value by leveraging its unique know-how, its operational excellence, the quality of its investments and the expertise of its people. COIL has more than 100 employees in Belgium and Germany and generated a business volume of €24,1 million in 2024. Listed on Euronext Growth Paris | Isin: BE0160342011 | Reuters: | Bloomberg: ALCOI: FP For more information, please visit Contact COILTim Hutton | Chief Executive | Tel.: +32 (0)11 88 01 88 ACTUS FINANCE & COMMUNICATIONCyril Combe ccombe@ | Tel.: +33 (0)1 53 65 68 68 Attachment COILpressrelease_julyl2025_EN
Yahoo
18-06-2025
- Business
- Yahoo
NFRA urges improved collaboration
India's audit watch dog, the National Financial Reporting Authority (NFRA), is promoting enhanced collaboration between audit committees and auditors to strengthen corporate governance. In guidance released on its website, NFRA stressed the importance of audit committees, usually chaired by independent directors, engaging more thoroughly with statutory auditors. Such interactions aim to cultivate a better understanding of anticipated tax savings, profitability, and liabilities. The guidance is relevant to all firms under NFRA's jurisdiction, which includes both listed and large unlisted companies, as well as insurance, banking, and electricity utility sectors. It believes that closer collaboration will prevent auditors from approving financial statements in a perfunctory manner. NFRA seeks to ensure heightened accountability concerning management judgements in financial reports. By instituting checks and balances, the initiative aims to empower professionals overseeing governance to detect early signs of financial distress or fraud. Audit committees, functioning independently of management, are encouraged to pose critical inquiries to statutory auditors. This approach will facilitate a comprehensive examination of management assumptions and enhance the overall scrutiny of financial documents. The NFRA pointed out that considerable judgement is necessary when evaluating the likelihood of realising deferred tax assets (DTA) or future tax savings. Audit committees should be apprised of the methods employed to assess the recoverability of DTAs and the potential effects of changes in business operations or economic conditions. As part of its advocacy initiatives, NFRA is urging statutory auditors to rigorously question the assumptions presented in financial statements. This effort aims to bolster the credibility of financial reports, thereby increasing the appeal of India's corporate sector to potential investors. Moreover, the boards of directors of companies are required to declare in their annual reports that they have adopted accounting policies and judgements that accurately reflect the company's financial position. This stipulation highlights the significance of transparency and accountability in corporate governance. In January2025, NFRA launched a series titled 'Auditor-Audit Committee Interactions' to improve audit quality and to promote awareness of accounting and auditing standards. "NFRA urges improved collaboration" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
