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Deloitte on Livent Inc Case Solution
Case Solution
In December 1997, an audit partner at Deloitte was required to render an opinion on five separate but related issues arising out of an on-going working relationship with Livent, a Canadian live entertainment firm. Each issue could be treated in multiple ways, and there seemed to be no immediate clear-cut resolution to each. Issues included: assessing impacts of side agreements between Livent and a real-estate development firm; appropriateness of booking revenues for theater-naming rights in a particular fiscal quarter; auditing of per-production costs; accounting for proceeds of sale of receivables to related party; and evaluating the audit of accounts payable. It was crucial to resolve each of the issues within a few days in order to complete the file to meet filing requirements. The auditor must determine the best advice for each issue while understanding that Deloitte had to protect its reputation, yet still grow its revenues in the face of aggressive competition for its business.
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