Government Intervention and Audit Importance

Audit, Assurance and
Compliance- Auditors and
Legal Liability

Executive Summary
In this file, the report is related with audit and assurance and what are the effects when
any of the default is done. The file is based on the case between Deloitte and Livent where
default was done on the basis of professional negligence. There is the detail description about the
case that how issue was created and what are the legal remedies which is required to be paid by
Deloitte. Also, there is the explanation on the damages which paid by defaulter company. In the
end proper recommendation have been explained which will help to improve the result in future.

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1) Provide a brief description of the key events and the factual issues behind the case........1
2) Explain the culpability or which parties were deemed responsible and why. Outline the
damages imposed or the penalties and consider whether they were appropriate...................2
3) Investigate and explain the relevant issues in Auditing and Accounting raised by the case.. 3
4) The root-cause of the issues...............................................................................................4
5) Any problems, mistakes or misrepresentations made by the defendants, which contributed
to the adverse judgement and the awarding of damages........................................................5
6) Provide recommendations and possible improvements to solve the issue.........................5
CONCLUSION ...............................................................................................................................8
REFRENCES...................................................................................................................................9
.........................................................................................................................................................9