Australia's largest stock trading and investment forum Australia's #1 stock forum

SP1

Click for more information

0.00%

$1.07 southern cross payments ltd

We holders of ISX need to keep our message simple., page-115

First 115 Last

Share
Profile

Follow
brendon1990

40 Posts.

3

15/12/19

17:10

Post #: 41977364
Share

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.

Expand

hey where can I read this report in relation to the audit?

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

NOX

Noxopharm aims for autoimmune market with first human trial of SOF-SKN

SMI

Gold intercept of 8.6 g/t continues the positive storyline for Santana at NZ's RAS deposit

PR1

Fourfold skarn increase points the way to viable garnet project, says Pure

Earnings wrap Monday Week 34: A2 Milk, Bluescope, Suncorp's climate woes & more

Good habits matters when it comes to finances

There are more pages in this discussion • 93 more messages in this thread...

First 115 Last

Add SP1 (ASX) to my watchlist