I highly doubt suing the auditors is a good idea. Every time...

I highly doubt suing the auditors is a good idea. Every time there's a corporate collapse people pin some or all of the blame on the auditors. And I've never read in the news about an accounting firm being held liable for investor's losses. You'd think with the amount of corporate collapses over say the last 10 years, not just in Oz but worldwide, if the courts thought the auditors were liable they would have been found as such by now. I remember reading somewhere that auditors carry out their audits and prepare their reports only for their client, the company, and not for external users. Thus the only party that can sue the auditor is the company itself. The only way a court could hold them liable for negligence is if they prepared the audit *specifically* for the investors and gave their assurances to the investor. No accounting firm does this, so no legal liability.