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if you don’t trust auditors and audit reports then u shouldn’t...

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AJ7

15,916 Posts.

1165

07/10/19

21:54

Post #: 40763769
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Originally posted by Senseightynine: ↑

As an outsider I find this story fascinating. I do think the skeletons are starting to come out of the closet.

I can't remember the exact detail now but wasn't one of the hurdles for the performance rights a revenue milestone, which was only met by a few thousand dollars (please correct me if i'm wrong). Now we find out that these rights were issued to the Chief Sales Officer of the Company, who could easily push through additional sales which would could immaterial for the auditors, yet would satisfy the revenue milestone condition for vesting of the rights. If this is the case then it's a matter of clever (and dubious) accounting, which I think definitely deserves a thorough look from ASIC.

I think it's too easy and convenient for the Company to constantly say that the accounts were audited, as a rebuttal to any points raised. We all know audits aren't perfect and in fact almost every 2nd day you see ASIC saying that audit quality has decreased.

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if you don’t trust auditors and audit reports then u shouldn’t be trading or investing in stocks!

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