47.2 Overton v. Todman & Co., CPAs

If Todman had conducted an audit for DBI but had not issued a certified opinion about DBIs financial statements, would the result in this case have been the same?

Did Overton have a valid reason to sue DBIs auditors? Why or why not?

Spotlight on Accountant's Duty to Correct Mistakes Case 47.2 Overton v. Todman &Co.,CPA United States Court of Appeals, Second Circuit, 478 F.3d 479 (2007). Background and Facts From 1999 through 2002, Todman& Company, CPAs, P.C., audited the financial statements of Direct Brokerage, Inc. (DBI), a broker-dealer in New York registered with the Securities and Exchange Commission (SEC). Each year, Todman issued an unqualified opinion that DBI's financial statements were accurate. DBI filed its statements and Todman's opinions with the SEC. Case 47.2 Continues