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Deloitte case stands as warning to audit firms

Monday, February 27, 2017 @ 2:46 PM | By Amanda Jerome

The Supreme Court of Canada has yet to rule on an appeal, heard Feb.15, that could affect auditing professionals across the country.

Deloitte LLP counsel Peter Griffin argued that the company was “negligent but wholly innocent” of the fraud that was discovered at Livent Inc., a theatre company that closed in 1998. He said that "the courts below found Deloitte responsible for indeterminate liability, which gave rise to disproportionate damages."

He argued these damages are not the losses of Livent Inc., but truly the losses of...