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itzgr82balive

2,243 Posts.

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15/12/19

17:40

Post #: 41977566
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Originally posted by gattertop: ↑

During an audit, auditors will often identify matters of particular significance during the relevant period. In the 2018 audit Grant Thornton identified revenue recognition as the Key Audit Matter (most likely because of the fluctuation in revenue in the second half of calander 2018 and almost certainly because of the triggering of performance shares). The report is worth a read as it details the steps they took to test and verify the recorded revenue.

i know audit independence is often queried but that is in relation to the big corporates where millions in consulting fees are at stake. I worked in audit for a couple of years when I started out and I can’t see the audit partners rolling over or turning a blind eye for the sake of helping their consulting teams pitch for work. In any event, ISX fees would be stuff all to Grant Thornton so there is no way they would jeopardise their reputation and licence.

IF the revenue in 2018 was fudged to the extent that some on this thread would like us to believe, the audit failure will be a massive story in itself.

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Thanks for that. I read it ages ago and will read it again now. Good point that Grant Thorton would not jeopardise his licence and reputation.

ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
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