est. 2007

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Accounting Firm Held Liable for Negligence

The split decision handed down recently by the Supreme Court of Canada (Deloitte & Touche v. Livent Inc. (Receiver of)  ) held the accounting house- albeit conditionally- responsible to extend a duty of care to clients. By negligently conducting the audit, and impairing Livent’s shareholders’ ability to oversee management, Deloitte exposed Livent to reasonably foreseeable risks,…

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Accounting firm for CL Financial in the region.

The split decision handed down recently by the Supreme Court of Canada (Deloitte & Touche v. Livent Inc. (Receiver of)  ) held the accounting house- albeit conditionally- responsible to extend a duty of care to clients.

By negligently conducting the audit, and impairing Livent’s shareholders’ ability to oversee management, Deloitte exposed Livent to reasonably foreseeable risks, including losses that would have been avoided with a proper audit…. Deloitte owed Livent a duty of care, which it breached.

The landmark ruling which started in 1998 will now exert a focus on accounting firms everywhere to be held liability for negligence.

The decision brings into sharp focus the ‘free pass’ accounting firms in Barbados and the region have been given in the CL Financial and CLICO debacle as one glaring example. Clearly the confidence of the public in financial institutions is significantly stoked by the work oversight agencies are expected to deliver. They should represent a solid  line of defense and have a fiduciary responsibility to protect the interest of the public. It s amazing given the revelations coming out of the Colman Commission of Enquiry in Trinidad and Deloitte Forensic Report into local operations of CLICO not a single management letter issued by the accounting firm of CLICO noted any serious breach in the financial affairs that we are aware.

Who will bell the cat?

Related link: – Supreme Court says Livent auditors liable but sets conditions

 

121 responses to “Accounting Firm Held Liable for Negligence”

  1. Georgie Porgie Avatar
    Georgie Porgie

    Thomas Lynley December 23, 2017 at 2:39 AM #
    @ BU

    I thought this tread was about deficiencies in auditing and effects on businesses?

    Why are contributors and BU allowing John to HIJACK every tread to talk about what he wants to discuss?

    And why respond to an abusive narcissistic individual for him to spew insults at everyone here?

    WHAT DID YOU THINK WITH SIR
    IF YOU WANT TO DISCUSS deficiencies in auditing and effects on businesses WHY DONT YOU JUST DO THAT……….IF YOU CAN?

    THE Abusive narcissistic individual spewS insults at everyone here WHO THINK THEY CAN THEMSELVES INSDULT HIM AND GET AWAY WITH IT..OK

  2. Hants Avatar
    Hants

    ” The worrying flow of raw sewage on south coast roads has not led to any reported disease outbreaks, according to Minister of Health John Boyce.”

    Former Minister of Health Elizabeth Liz Thompson ” She also raised concerns about the likely

    impact of the situation on drinking water, pointing out that “if the sewage is visible above

    ground and is bubbling up through any space available, it must be worse underground where water pipes are located ”.

    Where the puck did these people go to University ?

    Barbados….. a Nation of cants. ( my spelling ent too good )

  3. Bush Tea Avatar
    Bush Tea

    @ Hants
    Barbados….. a Nation of cants.
    +++++++++++++++++++++++++
    Brass bowl cants.
    …and your spelling is fine.

  4. Georgie Porgie Avatar
    Georgie Porgie

    RE Hants December 23, 2017 at 10:02 AM #
    ” The worrying flow of raw sewage on south coast roads has not led to any reported disease outbreaks, according to Minister of Health John Boyce.”

    HERE IS AN EXCEPTIONAL FOOL!
    THE NEW NORM IN PUBLIC HEALTH IS NOW NOT PREVENTION BUT TO WAIT UNTIL THERE ARE REPORTED DISEASE OUTBREAKS. AMAZING!

    HERE IS THE LACK OF WISDOM AND KNOWLEDGE FROM ANOTHER MORON
    Former Minister of Health Elizabeth Liz Thompson ” She also raised concerns about the likely

    impact of the situation on drinking water, pointing out that “if the sewage is visible above

    ground and is bubbling up through any space available, it must be worse underground where water pipes are located ”.

    WHAT A NON SEQUITUR!
    WHAT KIND OF WATER PIPES DO YOU HAVE THAT WILL ALLOW THIS?
    ARE WE TO BELIEVE THAT THE BACTERIA IN THE SEWAGE WILL DIFFUSE INTO THE WATER PIPES BY OSMOSIS?……..OR WHAT?

  5. Caswell Franklyn Avatar
    Caswell Franklyn

    Georgie Porgie

    You claimed that Minister John Boyce is an exceptional fool. You really feel that we did not already know that? Here is a man who loaded up on antibiotics and took a swim in the sewage filled sea.

    As I said before, I expect enlightenment from you. On this point, you failed to deliver. LOL!

    Sent from my iPad

  6. Georgie Porgie Avatar
    Georgie Porgie

    Caswell Franklyn December 23, 2017 at 11:38 AM #
    Georgie Porgie

    You claimed that Minister John Boyce is an exceptional fool. You really feel that we did not already know that?

    HE WAS SO AT HC
    HE WAS SO AT BANKS BREWERY
    HE CONTINUES TO BE SO……….A LEOPARD CAN NOT CHANGE ITS SPOTS

    SIR I DEEPLY APOLOGIZE FOR FAILING TO DELIVER AS YOU EXPECTED

  7. John Avatar
    John

    Liz in her prime!!

    Think she was the Ministress of Health when the sewage project got built.

    Seem to remember the original contractor was replaced … Inversiones something or the other was the second contractor …. Venezuelan.

    Bare problems from the start.

    Also she was responsible I seem to remember for Greenland!!!

    Accident waiting to happen.

    A blessing when the UN gave her a job and got her out on Barbados.

    I was thinking how is the sewage on the south coast going to travel into the St. George Valley and affect the drinking water … or up to Bowmanston.

    I just figured she had no concept of how gravity works.

    Now I realise it is the water pipes underground that engaged her attention.

    Osmosis … we can rule that out.

    If the pipes had leaks the positive pressure would or should keep the sewage out,

    Possibility of the Venturi effect sucking in sewage through a hole … naaaa, more likely the water in the pipe will be forced out!!

    Now, it might be possible when fixing the leak with the water turned off for some to get in.

    That could happen.

    When the water is turned back on it travels through the repaired pipe.

    Always get rust and mud after repairs so in theory, sewage is possible too.

    But that would more than likely cause an isolated problem, not an epidemic … but … who knows.

    I suspect there have been problems from the start of the project and the current Minister of Health reckons nothing for all those past years so cross your fingers, it will be ok in the future.

    Hopefully old Murphy isn’t lurking around.

    His law is a b!tch.

    …. and those old Irish folks are buried all over Barbados …. by the thousands!

    Just need one Murphy!!

  8. John Avatar
    John

    If there was a water leak, it would have two effects on any bacteria in sewage present.

    It would reduce the concentration and thus the likelihood of someone getting it.

    But even better, the water is chlorinated … the bacteria concentration could be reduced to zero.

    My guess is infiltrations due to leaks is going to of minor import.

    Of the two, Liz and John Boyce, I would think John Boyce would have the better chance of being right …… once Murphy doesn’t upset his apple cart!!

  9. John Avatar
    John

    For me the concern would be walking around on a rainy day and not knowing what you are stepping into as you walk.

    It was bad at Big B the other night and alI I could think of is how people’s shoes bring into the supermarket what ever is on them as they traipse around.

    Then they go home and traipse through their house in their shoes.

    … and then they walk about barefoot.

    But, so far, nothing seems to be amiss!!

    So John Boyce’s gamble hasn’t gone awry … guess Murphy still sleeping.

  10. Hal Austin Avatar
    Hal Austin

    Barbados
    Country in North America

    Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of North America. It is 34 kilometres in length and up to 23 km in width, covering an area of 432 km². It is situated in the western area of the North Atlantic and 100 km east of the Windward Islands and the Caribbean Sea; therein, Barbados is east of the Windwards, part of the Lesser Antilles, roughly at 13°N of the equator. It is about 168 km east of both the countries of Saint Lucia and Saint Vincent and the Grenadines and 400 km north-east of Trinidad and Tobago. Barbados is outside the principal Atlantic hurricane belt. Its capital and largest city is Bridgetown.(Quote)

    Note that, although Barbados is an island on the same continental shelf, it is considered to be in the Atlantic Ocean rather than the Caribbean Sea. (Quote)

    Iceland (Icelandic: Ísland [ˈistlant])[7] is a Nordic island country in the North Atlantic….(Quote),

    There is no need to discuss this nonsense, apart from asking where does the North Atlantic begin and end? Where does the mid-Atlantic begin and end? Where does the South Atlantic begin and end? Is Barbados in the Caribbean?
    These are the same experts who told us that Columbus ‘discovered’ the New World. Whatever happened to the Incas, Mayans and Aztecs? The same experts who told us Africa has no history.
    We must stop accepting unquestionably received wisdoms. Stop learning by rote.

  11. Artax Avatar
    Artax

    Stupse….

    Come off it.

    NO ONE mentioned Barbados is located in the North Atlantic……. it was YOU who perhaps mistook the comment about Bermuda being located there and applied it to Barbados.

    It’s there for all to read.

    Why not admit you made a mistake and move on.

  12. Hal Austin Avatar
    Hal Austin

    Note that, although Barbados is an island on the same continental shelf, it is considered to be in the Atlantic Ocean rather than the Caribbean Sea. (Wikipedia)

    Iceland (Icelandic: Ísland [ˈistlant])[7] is a Nordic island country in the North Atlantic….(Wikipedia)

  13. Artax Avatar
    Artax

    “Financial services giant Sagicor, which last year moved its holding company to Bermuda…….
    the British overseas territory located in the North Atlantic

    Bermuda is NOT in the North Atlantic. It is this low level form of semi-literacy that pervades Barbados. Don’t they teach geography in Barbados anymore?

    And Sagicor is not that old. How can this nonsense get through from reporter, to sub-editor, to assistant editor to editor without anyone raising any concerns?”
    ++++++++++++++++++++++

    You wrote “Bermuda is NOT in the North Atlantic.”

    ………… now, rather than give us the coordinates for BARBADOS……

    ……….. tell us “learners by rote” WHERE is BERMUDA located.

    Is BERMUDA located in the North Atlantic or NOT?

    That’s simple question.

  14. Hal Austin Avatar
    Hal Austin

    I once thought that you were a sensible young man, if simply wrong in your analysis. I withdraw that. Let us start from the beginning. The report came out about Sagicor moving to Bermuda, which was described as in the North Atlantic. I questioned that geographical location and implied it was in the Atlantic, but not ‘North’ Atlantic. For reference, I know, I have visited the island and was once offered a job there..
    I then referenced other countries listed as in the North Atlantic in order to draw out the discussion, using Barbados and Iceland as extreme examples. My argument was that it was highly unlikely that two countries – one tropical, the other Nordic – separated by thousands of miles, were in the same geographical space. I said we had to define the North Atlantic, where it begins and ends. Where the South Atlantic begins and ends and where the Mid-Atlantic begins and ends..
    I have since referenced two further references by Wikipedia about Barbados, one listing it in the North Atlantic and the other as not even being in the Caribbean. The idea was to question the so-called expertise of these online sites.
    You are referencing back to something in which there is no dispute (that Bermuda is in the Atlantic, BUT NOT North Atlantic as the geographers claim), while ignoring claims from the same sources that Barbados is not in the Caribbean. Is it, yes or no? Are we a Caribbean island? Apart from the East Coast of the island, where does the Atlantic impact Barbados? Are the South and West Coast of Barbados in the Atlantic?
    Apart from Googling, why do you say Barbados is n the North Atlantic?

  15. Artax Avatar
    Artax

    “Apart from Googling, why do you say Barbados is in the North Atlantic?”

    I CHALLENGE YOU to INDICATE where in ANY of MY contributions I MENTIONED anything about Barbados being LOCATED in the North Atlantic.
    ++++++++++++++++++++++++

    “I once thought that you were a sensible young man, if simply wrong in your analysis. I withdraw that.”

    I don’t care. Anyone that knows and interacts with me on a personal level will tell you I’m honest with my feelings…….. “I don’t beat around the bush.” If I have something to tell you, I will tell you “up front.” If you’re my friend and you’re wrong, I will tell you you’re wrong. I don’t hide my feelings.

    I mentioned all that to mention this. You and everyone else in this forum know there isn’t “any love lost” between us and that I’m not particularly FOND of you.

    I believe you’re an ARROGANT, DISPICABLE SNOB……….a POMPOUS, SELF-OPINIONATED BULLY, who has a penchant for being DISHONEST………for going to the length of “manipulating the truth” and mentioning things people never wrote…… just to prove yourself as being correct. My DISLIKE for people like you does not have anything to do with being envious, as you have often implied.

    As long as anyone CHALLENGES your opinions….. or DO NOT agree with or ACCEPT what you post to BU, you immediately deem them to be appallingly ignorant, they google too much and learnt by rote.

    I’m curious, however. If you hold such contempt and disdain for BU contributors, especially the “chairman,” why bother coming to this forum?

  16. Hal Austin Avatar
    Hal Austin

    Question
    Is Barbados in the Caribbean, yes or no? Are we a Caribbean island? Apart from the East Coast of the island, where does the Atlantic impact Barbados? Are the South and West Coast of Barbados in the Atlantic?
    Yes or no.

    Answer: Anyone that knows and interacts with me on a personal level will tell you I’m honest with my feelings…….. “I don’t beat around the bush.” If I have something to tell you, I will tell you “up front.” If you’re my friend and you’re wrong, I will tell you you’re wrong. I don’t hide my feelings.
    I mentioned all that to mention this. You and everyone else in this forum know there isn’t “any love lost” between us and that I’m not particularly FOND of you.
    I believe you’re an ARROGANT, DISPICABLE SNOB……….a POMPOUS, SELF-OPINIONATED BULLY, who has a penchant for being DISHONEST………for going to the length of “manipulating the truth” and mentioning things people never wrote…… just to prove yourself as being correct. My DISLIKE for people like you does not have anything to do with being envious, as you have often implied.
    As long as anyone CHALLENGES your opinions….. or DO NOT agree with or ACCEPT what you post to BU, you immediately deem them to be appallingly ignorant, they google too much and learnt by rote.
    I’m curious, however. If you hold such contempt and disdain for BU contributors, especially the “chairman,” why bother coming to this forum? (Quote)

    Just answer the questions and cut out the abuse.

  17. Artax Avatar
    Artax

    “Question: Is Barbados in the Caribbean, yes or no? Are we a Caribbean island? Apart from the East Coast of the island, where does the Atlantic impact Barbados? Are the South and West Coast of Barbados in the Atlantic?”

    Answer:

    Since I have NEVER, EVER posted ANY contributions to Barbados Underground in which I QUESTIONED or DISPUTED if Barbados is located in the Caribbean or in any other location, I do not believe it is necessary for me to answer your silly questions.

    You have proven my point that you’re an ARROGANT, DISPICABLE SNOB……….a POMPOUS, SELF-OPINIONATED BULLY, who has a penchant for being DISHONEST………for going to the length of “manipulating the truth” and mentioning things people NEVER wrote…… just to prove yourself as being correct.

    Perhaps you should ask your SILLY WIFE those silly questions.

  18. Hal Austin Avatar
    Hal Austin

    Barbados is an island country in the Lesser Antilles of the West Indies, in the Caribbean region of North America. It is 34 kilometres in length and up to 23 km in width, covering an area of 432 km². It is situated in the western area of the North Atlantic and 100 km east of the Windward Islands and the Caribbean Sea; therein, Barbados is east of the Windwards, part of the Lesser Antilles, roughly at 13°N of the equator. It is about 168 km east of both the countries of Saint Lucia and Saint Vincent and the Grenadines and 400 km north-east of Trinidad and Tobago. Barbados is outside the principal Atlantic hurricane belt. Its capital and largest city is Bridgetown.(Wikipedia)

    Note that, although Barbados is an island on the same continental shelf, it is considered to be in the Atlantic Ocean rather than the Caribbean Sea.(Wikipedia)

  19. Artax Avatar
    Artax

    Brilliant!!!!

  20. TheOGazertys Avatar
    TheOGazertys

    I did not look at Wikipedia but I know that Wikipedia’is not considered as an authoritative source on anything… Lexicon could have written that snippet for all we know.

    Th truth is I did not read the article below . I just looked at the map and don’t have an opinion one way or the other….
    http://wwf.panda.org/knowledge_hub/endangered_species/marine_turtles/lac_marine_turtle_programme/projects/hawksbill_caribbean_english/caribbean_sea/

    This ‘argument’ is best suited for a rum shop… where nothing is resolved and everything is unending

    I have the feeling I would/could have been a smart guy if I wasn’t so narrow minded..

  21. Artax Avatar
    Artax

    “This ‘argument’ is best suited for a rum shop… where nothing is resolved and everything is unending.”

    I AGREE 100%.

    But surely you must have realized this man has been manipulating the truth just to create an argument with himself.

    First, he asked: “Apart from Googling, why do you say Barbados is in the North Atlantic?”

    To which I replied: “I CHALLENGE YOU to INDICATE where in ANY of MY contributions I MENTIONED anything about Barbados being LOCATED in the North Atlantic.”

    He wrote another comment re: “I once thought that you were a sensible young man, if simply wrong in your analysis. I withdraw that.”

    To which I SPECIFICALLY responded with the following comments:

    “I DON’T CARE. Anyone that knows and interacts with me on a personal level will tell you I’m honest with my feelings…….. “I don’t beat around the bush.” If I have something to tell you, I will tell you “up front.” If you’re my friend and you’re wrong, I will tell you you’re wrong. I don’t hide my feelings.

    I mentioned all that to mention this. You and everyone else in this forum know there isn’t “any love lost” between us and that I’m not particularly FOND of you.

    I believe you’re an ARROGANT, DISPICABLE SNOB……….a POMPOUS, SELF-OPINIONATED BULLY, who has a penchant for being DISHONEST………for going to the length of “manipulating the truth” and mentioning things people never wrote…… just to prove yourself as being correct. My DISLIKE for people like you does not have anything to do with being envious, as you have often implied.

    As long as anyone CHALLENGES your opinions….. or DO NOT agree with or ACCEPT what you post to BU, you immediately deem them to be appallingly ignorant, they google too much and learnt by rote.

    I’m curious, however. If you hold such contempt and disdain for BU contributors, especially the “chairman,” why bother coming to this forum?
    ++++++++++++++

    Rather than present to the forum where I mentioned in any contribution Barbados is located in the North Atlantic…………

    ………… in an act of DISHONESTY, he DELIBERATELY OMITTED the “I DON’T CARE” from my contribution to IMPLY the remaining comments were written in RESPONSE to the questions he posed re:

    “Is Barbados in the Caribbean, yes or no? Are we a Caribbean island? Apart from the East Coast of the island, where does the Atlantic impact Barbados? Are the South and West Coast of Barbados in the Atlantic? Yes or no.”

    The man is a joker.

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