News & Analysis as of

Canada Auditors

Stikeman Elliott LLP

New Amendments to Auditor Oversight Rules Require Access to Audit Working Papers of Component Auditors

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Changes to National Instrument 52-108 Auditor Oversight and its Companion Policy (the Amendments) require auditors that perform a significant portion of a reporting issuer’s audit work to provide the Canadian Public...more

Dorsey & Whitney LLP

How to Avoid Being Required to Obtain Audit Partner Consents

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SEC registration statements and certain annual reports require consents of experts (e.g., technical experts, audit firms, and investment banks that provide fairness opinions) named in the disclosure document. A recent...more

Bennett Jones LLP

Supreme Court Denies Leave to Appeal Dismissal of Auditor Negligence Claim

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On May 2, 2019, the Supreme Court of Canada denied leave to appeal from the Ontario Court of Appeal’s decision in Lavender v Miller Bernstein LLP1. The Supreme Court’s decision marks the end of a 14-year legal battle that has...more

A&O Shearman

Central District Of California Sustains Putative Class Action Against Canadian Silver Company And Its Auditor For Failing To...

A&O Shearman on

On March 25, 2019, Judge Christina A. Snyder of the United States District Court for the Central District of California denied a motion to dismiss a class action filed against a Canadian silver company (the “Company”),...more

K&L Gates LLP

Cryptocurrency Firms Struggle to Engage Auditors

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In January 2019, Canada’s largest cryptocurrency exchange, QuadrigaCX, announced that it had lost $180 million of virtual currency, prompting calls for tighter regulatory oversight of the industry....more

Bennett Jones LLP

2019 ISS and Glass Lewis Updates to Canadian Proxy Voting Guidelines

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Institutional Shareholder Services ("ISS") and Glass, Lewis & Co ("Glass Lewis") have both released their updates to their respective Canadian proxy voting guidelines for the 2019 proxy season. The ISS updates apply to...more

Bennett Jones LLP

Ontario Court of Appeal Affirms Limits on Auditor Liability

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On September 5, 2018, the Court of Appeal for Ontario released its decision in Lavender v Miller Bernstein LLP,1 overturning a summary judgment ruling that imposed significant liability on an auditor in previously...more

Blake, Cassels & Graydon LLP

Lavender Haze Lifts: Court of Appeal Clarifies Auditor’s Duty of Care

On September 5, 2018, in Lavender v. Miller Bernstein LLP (Lavender), the Court of Appeal for Ontario (Court of Appeal) overturned a lower court decision that an auditor had a duty of care to its client’s clients. In doing...more

Blake, Cassels & Graydon LLP

SCC Affirms Duty of Care but Reduces Auditor’s Damages in Livent Decision

On December 20, 2017, the Supreme Court of Canada (SCC) released its long-awaited decision in Deloitte & Touche v. Livent Inc. (Receiver of) (Livent), which addressed the issue of the auditor’s liability for failing to detect...more

Bennett Jones LLP

TSX Provides Guidance to Emerging Market Issuers

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In recent years, emerging market issuers have faced greater scrutiny by Canadian regulators as a result of questions and concerns about issuers with significant business operations in emerging markets (emerging market...more

Blake, Cassels & Graydon LLP

SCC Rules on Impartiality and Independence of Expert Witnesses

On April 30, 2015, the Supreme Court of Canada (SCC) released its decision in White Burgess Langille Inman v. Abbott and Haliburton Co. (White Burgess), relating to courts’ assessment of the impartiality and independence of...more

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