Professional liability of Auditors and Tax Advisors
Firm → Dispute Resolution

Professional liability of Auditors and Tax Advisors

Another specialty of GLNS's dispute resolution team is advising on disputes about the professional liability of auditors and tax advisors. Such disputes are typically based on breaches of duties relating to advising on tax structuring, during the annual audit, or in critical financial situations (incorrect audit of restructuring reports).

In this context, we primarily advise companies on the enforcement of claims for damages against their (former) tax advisors and auditors. The complexity of the matter requires an integrated know-how of civil law and civil procedure law combined with special knowledge in tax law. Our litigation practice works closely with the tax advisors of GLNS. Moreover, we regularly cooperate with an audit firm specialized in the forensic assessment and suited for the necessary preparatory work regarding the determination of the correctness of an audit and damages.

References

  • Insolvency administrator of a large energy supply company on the enforcement of claims for damages against an auditing firm for breach of duty in the audit of annual financial statements
  • Automobile dealer on the enforcement of claims for damages against an auditing firm for failing to detect long-standing embezzlement by company employees in the course of the annual audit
  • Insolvency administrator of a gold trading company on the enforcement of claims for damages against an auditing company for breach of duty in inventory counts
  • Medium-sized chemical company on the enforcement of claims against the tax advisor for incorrect tax advice in connection with the tax treatment of dividend distributions
  • Insolvency administrator of a sporting goods retailer in asserting claims for damages against former restructuring advisors of the insolvent company

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