The Australian Securities & Investments Commission (ASIC) reported that the Companies Auditors Disciplinary Board (CADB) has admonished Simon Christopher Trivett, a partner of Grant Thornton Audit Pty Ltd, for failing to carry out adequately and properly his duties as Review Auditor for the audit of iSignthis Ltd’s financial statements for the year ended 30 June 2018. The CADB also ordered Mr Trivett to provide various undertakings to ASIC and to pay ASIC fixed costs of AUD 490,000. In deciding to admonish Mr Trivett, the CADB took into account an undertaking given to the Federal Court of Australia on 26 October 2023 under which he agreed not to perform the duties of a registered company auditor from 1 November 2023 to 31 October 2024. ASIC noted the decision is the first time the CADB has determined the role of Review Auditors and Engagement Quality Control Reviewers in the conduct of an audit; the enforcement action originated from ASIC’s application filed on 5 February 2021, followed by a four-day hearing in December 2022, a panel determination upholding ASIC’s application in September 2023, and a validity challenge dismissed in April 2024.
Australian Securities & Investments Commission 2025-07-03
Australian Securities & Investments Commission reports Companies Auditors Disciplinary Board admonishes iSignthis FY18 review auditor and orders AUD 490,000 costs
The Australian Securities & Investments Commission (ASIC) announced that the Companies Auditors Disciplinary Board (CADB) has admonished Simon Christopher Trivett, a partner at Grant Thornton Audit Pty Ltd, for inadequate performance as Review Auditor for iSignthis Ltd’s 2018 financial statements. Trivett must provide undertakings to ASIC and pay AUD 490,000 in costs. This marks the first CADB decision on the roles of Review Auditors and Engagement Quality Control Reviewers in audits. The enforcement action followed ASIC's application in February 2021 and a panel determination in September 2023.