McGrathNicol could go after Dick Smith auditor Deloitte for potential breach of accounting standards after it was appointed as the liquidator of the collapsed electronic retailer, the Financial Review reported. UTS accounting professor Peter Wells said on Monday a close reading of page 48 of the creditors' report suggests some of the rebates were classified as marketing rebates when they should have been classified as inventory rebates to inflate profit for the 2015 financial year. "If getting the rebate is the motivator for purchasing the inventory, that starts to erode any presumption that the rebates were marketing," he said. Marketing rebates are recognised immediately as a profit, whereas inventory rebates are recognised when the inventory is sold, which may be in a later financial period. Dick Smith posted an EBITDA of $72 million in the 2015 financial year. Excluding rebates, it would have posted an EBITDA of minus $119 million. This meant McGrathNicol as liquidator could potentially potentially go after Deloitte for negligence on behalf of shareholders and creditors are out of pocket because they relied on the report. Read more.