I think the auditors would only have been responsible for overlooking the missing IDSB Tranche 2 funds of $7mil
The B2B loans apparently a separate part of the fraud is around $12mil as per the affidavits - these only started in the December quarter 2022 so it would not have formed part of the June 2022 "audited" financial accounts.
More troubling is that from December quarter 2022 to the March 2023 mid quarter update - IOU supposely written about AUD$13mil+ in B2B loans as shown below , almost twice as much as retail B2C bnpl.
The board would have known their newly launched B2B loan product are flying out the door yet they want to claim they were oblivious to what's being reported by their senior management ?
IOU 249D, page-86
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