Corporate Travel Management will be suspended from trading on the Australian Securities Exchange (ASX). This follows the company’s notification to the ASX that it will not be able to release its full-year results by the end of August. Investors are keenly awaiting updates on a significant auditing issue that the company has indicated will require a “material restatement” of its financial accounts.
The auditing issue, which spans back several years, was identified by Deloitte, the company’s new auditor. Corporate Travel was initially expected to report its results last week but announced a delay before requesting a trading halt. Corporate Travel Management is a global travel management solutions provider.
The company specializes in managing travel programs for businesses of all sizes. Corporate Travel has stated its current target is to release the restated accounts in late September, at which point the trading halt may be lifted.
Corporate Travel’s inability to meet the reporting deadline and the subsequent trading halt have raised concerns among investors. The ASX suspension will remain in place until the company is able to provide the market with accurate and reliable financial information. The delay underscores the importance of robust auditing practices and transparent financial reporting.
