Ger



You may have this one already but the most significant case in Canada at the moment may be



Livent v. Deloitte & Touche, (2016) 128 OR (3d) 225; 393 DLR (4th) 1.



Found on Canlii here:



http://www.canlii.org/en/on/onca/doc/2016/2016onca11/2016onca11.html?resultIndex=9



It involves a claim by the receiver of a company that auditors should have discovered a massive fraud. The Ontario Court of Appeal found Deloitte liable for failing to apply “professional skepticism” to the financial statements produced by the company. Moreover, it seemed to apply a higher standard of care to the auditors of a publicly traded company than might be the case with those of a private corporation. The court seemed to say that because investors and regulators rely to a greater degree on the financial statements of a publicly traded company, auditors must exercise more diligence in reviewing statements upon which the public will rely in making investment decisions. Total damages were awarded against Deloitte in the amount C$84 million.



The case is currently on appeal to the Supreme Court of Canada with a hearing scheduled for 15 Feb 2017. Needless to say, lots of people are watching the case closely.





-----------------------------
Matthew P Harrington
Professeur
Faculté de droit
Université de Montréal
514.343.6105
commonlaw.umontreal.ca
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From: Gerard Sadlier<mailto:gerard.sadlier@gmail.com>
Sent: November 11, 2016 5:07 PM
To: obligations@uwo.ca<mailto:obligations@uwo.ca>
Subject: Claims against Auditors



Dear all,

I'm interested in authorities and commentary on auditors liability. I
have looked at the English cases but would be really grateful for any
pointers to the leading sources, works and authorities, in other
jurisdictions.

I am also interested in the liability of accountants for reports filed
with regulators.

Many thanks

Ger