Civil Liability of Audit Firms – Part II

The study in question is about civil liability of audit firms. The authors attempt to reconstruct the liability regime for damage caused by audit firms under the Act of 11 May 2017 on statutory auditors, audit firms and public supervision. The considerations lead to an answer to the question whether under the law as it stands there is an independent regime of civil liability of audit firms, and if so, whether it is permissible to apply thereto the provisions of the Civil Code relating to torts and contractual liability and to what extent. Resolving this issue also allows for a reference to other specific issues relating, inter alia, to the scope of application of statutory limits of liability, or qualifying breach of professional standards by the statutory auditors from the point of view of the premises of liability. The first part of the study addresses the issue of the separate civil liability of audit firms and contractual liability for the audit of separate financial statements towards the audited entity.

The second part of the study addresses issues of contractual and tort liability against third parties for damages caused in connection with auditing individual financial statements of, as well as the liability of an audit firm in connection with auditing of consolidated financial statements and for the provision of activities other than audit. Conclusions of the paper are also be presented.