Ann: Sale of Cereal and Snacks Assets to the Arnott's Group, page-19

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31/12/20

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Originally posted by VMG70: ↑

Deloitte open to settling Freedom Foods class action (copyright link)

Deloitte open to settling Freedom Foods class action
Edmund TadrosProfessional services editor
Dec 14, 2020 – 4.24pm
Deloitte is considering settling a class action brought against the firm over its auditing of Freedom Foods due to concerns the case would reveal unflattering information about the firm's audit quality.
Law firm Slater and Gordon launched an investor class action against Freedom Foods and its auditor Deloitte in the Supreme Court of Victoria last Tuesday.
The action came after the listed dairy, cereal and snacks makerrevealed more than $590 million in write-downsand restated several years' worth of accounts.
The class action alleges Deloitte failed in its duties in signing off on Freedom Foods’ accounts each financial year between 2014 and the first half of 2020.
The firm itself identified significant irregularities in the company’s accounts going back several years as part of the 2020 financial reportissued on November 30.
Accounting experts said Deloitte will need to explain why it signed off on an accounting strategythat treated substantial expenditures incurred by Freedom Foods as capital assets, and whether these assets were recorded in the accounts at excessive book values.
The restated accounts meant that Freedom Foods swung from an $11.6 million profit in 2019 to a $145.8 million loss, and the 2020 result was a $175 million loss. Deloitte signed off on the earlier accounts as well as the restated accounts.
It's understood that senior executives at Deloitte believe that the firm would be best served by settling the Freedom Foods matter instead of fighting it in court.
The concern is that unflattering information about the firm's approach to auditing would be revealed as part of the court process.
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still suspended. Recap must be going well lol...

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Ann: Sale of Cereal and Snacks Assets to the Arnott's Group, page-19

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