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Accounting Firms

With a strong bench of former government officials and deep knowledge of the GAAP, GAAS, and the accounting industry, we bring decades of experience defending auditors and accounting firms facing regulatory investigations, professional liability claims, and compliance issues. We have represented Big 4 and other public accounting firms in investigations and enforcement proceedings brought by federal and state regulators, including the SEC, Congress, state Attorneys General, and state grand juries; investigations and professional disciplinary proceedings by the PCAOB, state licensing bodies, and the AICPA; litigation and arbitration spanning securities fraud, professional negligence, and malpractice; and compliance issues involving financial reporting, disclosure requirements, corporate governance, and M&A. Our attorneys also represent accounting firms in major securities legislation affecting professional liability. 

  • SEC Investigations and Enforcement Proceedings: Our extensive enforcement experience – bolstered by a strong bench of SEC alum – helps us predict where the SEC might steer its investigations of our auditor and accounting firm clients, and we have an established record of success in defending these investigations.

  • PCAOB Investigations and Professional Disciplinary Proceedings: Since its formation over 20 years ago, we have helped our clients deftly navigate the processes unique to PCAOB investigatory and disciplinary actions.

  • Professional Negligence and Malpractice Litigation and Arbitration: We leverage our broad knowledge of accounting and auditing standards to understand, and ultimately defeat, professional negligence and malpractice claims brought against our clients in a cost-effective and creative way.

Experience Highlights

  • National accounting firm in SEC and PCAOB investigations involving auditor independence, including the performance of nonaudit services for audit clients and accounting firm entity theories of liability.

  • National accounting firm in an SEC investigation involving complex tax accounting issues arising out of multiple restatements by a public company audit client in the oil and natural gas services industry.

  • National accounting firm in separate SEC investigations involving the audits of (i) an independent governing body of a healthcare system and (ii) a foreign public company in the housing development and construction industry.

  • National accounting firm in investigations by the SEC and a state securities regulator relating to an asset management audit client's practices involving potential breaches of fiduciary duty, related party transactions, payments to investors, and marketing issues.

  • Global organization of member accounting firms in separate PCAOB investigations involving the audits of a global financial services firm; a foreign energy company; a foreign public company in the telecommunications industry; and a public company in the technology industry.

  • ​​​​​​National accounting firm in a commercial dispute brought by an entity alleging that it made a substantial loan to one of the firm's audit clients in reliance on a clean audit opinion issued by the firm.

  • Partners and staff of national accounting firm in a contested PCAOB disciplinary proceeding involving the audit of a pharmaceutical client; a PCAOB investigation relating to audit documentation standards; an SEC investigation involving the audits of a public company in the health industry; an SEC investigation involving a bank audit client's accounting for loan loss reserves; and an SEC investigation involving the audits of a medical device public company.

  • National accounting firm in separate SEC investigations involving the valuation of highly illiquid convertible debentures held by a hedge fund audit client, oil and gas royalty interests held by a private fund audit client and structured notes held by an audit client consisting of a series of private pooled investment funds.

  • National accounting firms and associated individuals in SEC investigations regarding valuation disputes, including in connection with Level 3 (hard-to-value) assets.

  • Subsidiary of an accounting company regarding SEC auditor independence rules.

Key Contacts

Veronica E. Callahan
Veronica E. Callahan
Partner
New York
+1 212.836.7272
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Recognition

  • Chambers UK
    Financial Crime: Corporates (London) (2023)
  • Chambers Latin America
    Corporate Crime & Investigations (2025)
  • U.S. News & World Report and Best Lawyers
    “Best Law Firms” for Securities Litigation—Washington, D.C., National (2024)
    “Best Law Firms” for Securities Regulation—Washington, D.C., National (2024)
    “Best Law Firms” for Criminal Defense: White Collar—Washington, D.C., National, New Jersey, New York (2024)
    “Best Law Firms” for Financial Services Regulation—Washington, D.C., National (2024)
  • The Legal 500 UK
    Risk Advisory: Regulatory Investigations & Corporate Crime (Advice to Corporates) (2023)
  • Chambers USA
    Securities: Regulation: Enforcement (Nationwide) (2024)
  • The Legal 500 US
    Securities Litigation: Defense (2024)
  • BTI Consulting Group
    Intimidating Opponent in Litigation (2025)
    Most Feared in Litigation (2024)
  • Chambers Global
    Investigations & Enforcement (International & Cross-Border) – USA (2025)
    Corporate Crime & Investigations – USA (2025)