A leading audit firm is appealing a court ruling that it acted negligently when it carried out work for the failed supermarket chain Price Club. Deloitte & Touche insisted it had no contractual link with Valle del Miele, a chicken processing company that sued it for damages.
The first court found that Deloitte had acted negligently when it audited Price Club’s accounts in 1999 without qualifying its opinion. However, the first court also ruled that Deloitte could not be held responsible for damages suffered by Valle del Miele, which should have engaged its own experts to verify Price Club’s financial situation.
But Valle del Miele yesterday also appealed the court judgment delivered in December. It insisted Deloitte’s actions were tantamount to ‘fraudulent behaviour’, not just negligence and it should be paid damages.
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