Endava said several past financial statements should no longer be relied on because some contracts lacked economic substance and related entries did not follow accounting rules. Outside auditors raised concerns, and the Audit Committee is investigating, but that has not restored confidence in the reports.
Investors now have reason to question whether Endava's reported sales and financial records for those periods were accurate. Outside auditors raised concerns, and the Audit Committee is still investigating. That may clarify what happened, but the source reports no resolution that eases the concern.
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