"Opinion with relief" of the auditors of Deloitte on the 2020 financial statements of Invitalia, the state company headed by Domenico Arcuri. Here's what La Stampa revealed
Clash between auditors and top management of Invitalia, the company controlled by the Ministry of Economy which is led by the CEO, Domenico Arcuri, former Covid emergency commissioner replaced by the Draghi government with Francesco Paolo Figliuolo .
It is the accounting repercussions of an Invitalia operation that divide top management and auditors.
In fact, from the auditors of Deloitte comes a "opinion with relief" on the numbers of the consolidated financial statements of 2020 of the company headed by Arcuri, reveals La Stampa : "In a nutshell, according to Deloitte, the National Agency for the attraction of investments and business development, led by the CEO Arcuri, would have filed last year with profits of 16.4 million instead of the 36.9 million just announced by the company and just yesterday approved by the shareholders' meeting, and therefore from the Treasury which is the only owner ”, wrote Carlotta Scozzari in La Stampa .
The difference of views is linked to the 20.5 million write-downs of the properties that are part of the disposal plan of the public group, adds the newspaper. According to the auditors, these adjustments were included by the company "in the statement of comprehensive income rather than in the income statement, as required by the International Financial Reporting Standards (Ifrs) adopted by the European Union", writes La Stampa : " , again according to Deloitte, "it constitutes a deviation from these principles, as the circumstances envisaged for the derogation from their application do not exist". Trying to translate into simpler terms, Invitalia has entered the property writedowns in an equity reserve, when for the auditors it should have reported them in the income statement, with a negative impact of the same amount, and therefore of 20.5 million, on the result. net final ".
If the reviewers criticize, Invitalia praises itself. “The Invitalia Group closes the 2020 financial year with a positive result of Euro 36,897,000 and records a significant improvement (+ 159%) compared to the previous year. The growth of the Group result reflects an organic improvement of all the main indicators of the income statement. The value of production, the added value and the operating margin are growing. The significant growth of the net result, compared to that of the previous year, confirms the validity of the choices made in line with the Business Plan ”, announced yesterday the company controlled by the Mef and which sees the economist Ernesto Somma as its general manager.
"A timely reaction to the COVID-19 pandemic with the adoption of measures to protect employees, a strong commitment to the digitization of all operating procedures and constant support to all stakeholders and the Public Administration have strengthened the foundations and favored operations with excellent results even in such a difficult year. The operating result is, in fact, the most positive of the last decade ”, is the comment of Invitalia via yesterday's press release on the financial statements also approved by the Mef. But the auditors don't praise the financial statements.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-i-revisori-di-deloitte-criticano-i-conti-di-invitalia-di-arcuri/ on Wed, 21 Jul 2021 14:00:56 +0000.