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04/09/22
11:18
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Originally posted by TDB:
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Nothing to see here...LOL... 22-240MR Grant Thornton and auditor charged over 2018 audit of iSignthis Grant Thornton Audit Pty Ltd (Grant Thornton) and former Grant Thornton director Bradley Laurance Willot Taylor have today appeared in the Melbourne Magistrates Court charged with failing to conduct the 2018 audit of iSignthis Ltd (ASX:ISX) in accordance with the Australian Auditing Standards. iSignthis changed its name to Southern Cross Payments Ltd (ASX:SP1) in May 2022.Mr Taylor has been charged with five contraventions of s307A(2) of the Corporations Act 2001. As an authorised audit company, Grant Thornton, has also been charged with five contraventions of s307A(1) of the Act.Grant Thornton was appointed as iSignthis’ statutory auditors for the 2018 financial year. Mr Taylor was a director of Grant Thornton at the time, and ASIC alleges that he was also responsible for the conduct of the audit.The maximum penalty for each s307A offence at the relevant times was $10,500 for individuals and $52,500 for body corporates. The charges were adjourned to 1 December 2022.The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
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Shareholders rely on Auditors doing their job correctly, if Grant Thornton has failed then that will be very disappointing. It will be interesting to find out details of the charges and whether they will have any impact on ISX's financial accounts for this year.