Ann: Commences Federal Court Action against ASX, page-2237

The auditor isn't going to look at whether what ISX charged for software licence pass through and integration were at market rate or not. The auditor is looking at whether ISX had completed the service/work, delivered and invoiced by 30 June and therefore it was appropriate to be recognised as revenue as of that date.

Auditor doesn't care that you charged a customer $3mil for a bag of apples, just as long as you can show that you have delivered the apples and invoiced the customer. Once that happens then you can book the sale of the apples as revenue as control has passed to customer. Customer can pay for apples at a later date on terms agreed.

The more interesting part is, what customer in their right mind would pay overs for a bag of apples? What would motivate a customer to pay overs for something?

Auditor may have signed off on the invoices and work completed but as a shareholder I'd like to know whether the work completed was actually worth $3mil at market rate. If it was actually substantially less, I think the issue becomes pretty clear.