In December 1997, an audit partner at Deloitte was needed to render a viewpoint on five separate but related issues developing from an on-going working relationship with Livent, a Canadian live entertainment firm. Each problem might be treated in multiple ways, there appeared to become no immediate obvious-cut resolution to every. Issues incorporated: assessing impacts of side contracts between Livent along with a real-estate development firm suitability of booking revenues for theater-naming privileges inside a particular fiscal quarter auditing of per-production costs comprising proceeds of purchase of receivables to related party and evaluating the audit of accounts due. It had been essential to resolve each one of the issues inside a couple of days to be able to complete the file to satisfy filing needs. The auditor must determine the best way forward for every problem while kn-owning that Deloitte needed to safeguard its status, but still grow its revenues when confronted with aggressive competition because of its business.
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