North Carolina Supreme Court

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North Carolina dismisses claim that accounting firms owe fiduciary duty to company audited

September 23, 2016

The North Carolina Supreme Court reversed the decision of the court of appeals and dismissed the fiduciary claim against the auditor. The opinion explained that “the relationship between an independent auditor and its audit client does not categorically give rise to a fiduciary duty as a matter of law.”

U.S. Chamber urges North Carolina court to reverse claim that accounting firms owe fiduciary duty to company audited

April 06, 2015

The U.S. Chamber filed an amicus brief asking the North Carolina Supreme Court to reverse the holding of a North Carolina Court of Appeals that independent auditors have a fiduciary duty to their clients. The brief explained that independent auditors, by definition, have an ethical obligation to remain independent. Accordingly, if allowed to stand, the court of appeals’ decision would disrupt audit practice in North Carolina and elsewhere, creating confusion among public accountants about their responsibilities to their audit clients and to the public.

Brian D. Boone of Alston & Bird LLP represented the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.

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