TMF consultants have assisted law firms, accounting firms and other professional service firms in connection with litigation alleging professional negligence.  Many senior TMF consultants are Certified Public Accountants with audit experience.  TMF consultants have provided expert testimony in State and Federal Court and in arbitration on liability, causation and damages issues in connection with these disputes.

A major focus of our work in this area is the calculation of economic damages based on a proper causal link between the alleged professional negligence and those damages.  This work often includes a forensic analysis of the reasons for a company’s failure.  In these matters we have calculated economic damages and studied the causes of companies’ failures in a variety of industries including construction, retail, transportation, professional training, oil and gas exploration, petro-chemicals, banking, media, agriculture, manufacturing, telecommunication, time-share, subprime lending and mortgage securitization.

In addition, in connection with litigation regarding alleged audit failure and other disputes over accounting issues, TMF consultants have studied the proper application of Generally Accepted Accounting Principles to a variety of transactions in a range of industries.  Issues addressed by TMF consultants include special purpose entities, revenue recognition, stock options, trade credit accruals, related party transactions, non-monetary exchanges, long-term contracts, workers compensation, prepaid expenses and contingent liabilities, as examples.