Point, counterpoint

Article Abstract:

The Supreme Court of Canada has recently lowered a ruling that protects auditors from being liable for the financial losses resulting from a private firm's bankruptcy. In the case of Hercules Management Limited et al v. Ernst and Young et al, the court's decision favored the latter after it established that Ernst and Young lacked the necessary knowledge about the shareholders' losses. Moreover, the court argued that plaintiff cannot accuse the defendant of negligent management because there was no close relationship that was established between them.

Auditing, Ernst & Young L.L.P., Hercules Management Limited

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A flawed proposal

Article Abstract:

A tax adviser is liable for the advice given to a client. In Bisson versus Leblanc, the Quebec Superior Court found that the tax advisor was liable along with the notary that drafted the proposed plan for following an old tax department bulletin in taking capital gains exemptions.

Legal issues & crime, Statistical Data Included

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The heat is on

Article Abstract:

Auditors are coming under increasing pressure throughout Canada and the United States to show they are independent and this issue is discussed. The case of PricewaterhouseCoopers, who flouted the rules early in 2000, has had a major impact on the industry.

United States, Financial services industry, Financial services, Forecasts and trends, Cover Story, PricewaterhouseCoopers L.L.P. (New York, New York)

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