The dates suggest this is Quindell related. S&G first contacted Quindell begin of Dec 2014. The presentation pack supporting equity raising provided pro-forma figures to simulate what the company's metrics could look like as a combined entity at 31 Dec 2014 (emphasis on could). In Sept 2015 the audited version of accounts were released to market and provisional PSD data looked nothing like what was presented at the equity raising.
That is what I surmise is the cause for concern.
I also surmise MB are behind this as they have mentioned in the CA it is unlikely equity raising would have been successful if an accurate assessment of the deal's financials was presented - or words to that effect.
Nothing to do with WIP the requirement for AASB15 is still not mandatory.
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