The Companies Auditors Disciplinary Board (CADB) handed down its decision on 30 June 2025 admonishing Simon Christopher Trivett for failing to carry out or perform adequately and properly duties of a Review Auditor in respect of the audit of the financial statements of iSignthis Ltd for the financial year ended 30 June 2018 (FY18 Audit). Mr Trivett is a partner of Grant Thornton Audit Pty Ltd.
In making the decision to admonish Mr Trivett, the CADB had regard to the fact that, in accordance with an undertaking given by Mr Trivett to the Federal Court of Australia on 26 October 2023, Mr Trivett agreed not to perform the duties of a registered company auditor in the period 1 November 2023 to 31 October 2024.
The CADB also ordered that Mr Trivett provide to ASIC various undertakings and that he pay ASIC's fixed costs of the Application of $490,000.
Deputy Chair Sarah Court said "This is an important decision. It is the first time that the CADB has determined the role of Review Auditors and Engagement Quality Control Reviewers in the conduct of an audit.
"Review Auditors and Engagement Quality Control Reviewers play an important part in reviewing auditor conduct and significant judgments made by audit engagement teams in company audits."
Background
ASIC commenced its application in the CADB against Mr Trivett on 5 February 2021.
A four-day hearing on took place before the CADB Panel in Melbourne on 6 - 9 December 2022. The Panel Determination upholding ASIC's application was handed down on 7 September 2023.
The matter was then substantially delayed following the commencement of proceedings by Mr Trivett challenging the validity of the Panel's decision on 6 October 2023 (CMW23 v CADB [2024] FCA 407). Those proceedings were dismissed on 22 April 2024.
ASIC registers, supervises, and reviews the conduct of company auditors. Company auditors are trusted gatekeepers who are required to use their professional competence, skills, and capabilities to provide assurance and confidence.
