The Institute of Chartered Accountants of Ontario (ICAO) appealed a Divisional Court decision that quashed professional misconduct convictions against three auditors regarding their 1997 audit of Livent Inc. The auditors cross-appealed the Divisional Court's decision upholding other convictions.
The Court of Appeal allowed the ICAO's appeal, finding that the Discipline Committee did not breach procedural fairness and provided adequate reasons for its findings of misconduct.
The Court also held that subsequent legislative amendments retroactively validated the Discipline Committee's costs award.
The auditors' cross-appeal was dismissed, and the Discipline Committee's original decisions and penalties were reinstated.
