Tjeerd Krol is a managing director in the Expert Services practice. His practice is focused on forensic accounting, financial reporting and expert assistance in (commercial) disputes.

Based in Amsterdam, Tjeerd has over 20 years of experience in various types of commercial disputes, both in litigation and arbitration, such as shareholder disputes, minority interest valuations, follow on claims, as well as various types of accounting irregularities (such as financial statement restatements), accounting reconstructions, the inability to meet internal, external or regulatory reporting / audit deadlines and / or questionable financial transactions.

He also focuses on litigation support involving various financial and accounting issues, including business interruption claims, financial compliance with contracts and matters involving the application of Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS). His experience includes consulting to clients facing accounting irregularities, financial statement restatements, securities litigation claims, SEC or other regulatory inquiries / investigations.

Before joining Kroll, Tjeerd spent 11 years with Deloitte, where he served as (audit) partner for several clients ranging from medium-sized to international (listed) companies, up until 2011. Furthermore, he consulted supervisory boards and management on several issues such as strategy, risk management, compliance and regulatory issues and business valuation. Tjeerd spent nearly 5 years at Alvarez & Marsal Disputes and Investigations, being jointly responsible for setting up the practice in Amsterdam and Brussels.

Tjeerd earned a bachelor's degree in technology management from the Noordelijke Hogeschool Leeuwarden, as well as a master's degree in business administration and accountancy from the University of Groningen. He also holds a postgraduate degree in auditing (CPA) from the University of Groningen, as well as a postgraduate degree in forensic accounting from the Nyenrode University and University of Leiden. Tjeerd is a Chartered Accountant and a member of the Dutch Institute for Chartered Accountants (NIVRA).

Representative Engagements

Accounting Irregularities—Applying GAAP

  • Assessed the applicability of IFRS on the internal procedure to recognize revenue and determine the financial impact of found deviations, as a result of doubts of the main shareholder on the correct timing and subsequent recording of revenues.
  • Analyzed and reviewed the fixed assets registry and associated technical life times per asset class to determine the appropriate depreciation levels in accordance with IFRS, which needed to be used in determining the main component of its quote to the Dutch Government in order to be able to maintain its license to operate.
  • Reviewed the company’s books and records to determine if Dutch GAAP guidelines have been used appropriately to determine working capital reporting used to inform its shareholders, who questioned the validity and completeness of working capital reporting.
  • Reviewed procedures used to determine Sales, discounts, cost of sales, and the reconciliation of its books and records with management reporting and annual financial statements.
  • Accounting Irregularities—Rebuilding Books & Records
  • Reviewed transactions and support to recreate financial statements lacking support for various transactions over three year period.
  • Analyzed and determined errors and recreated company’s books and records for past three years upon discovery that records had been enhanced.
  • Analyzed and determined the closing balance for a company where some books and records were inaccessible to settle a shareholders dispute.
  • Analyzed and determined the appropriate opening balance for all subsidiaries of recently acquired company and created new internal policies based on IFRS, including a bridge to US GAAP.
  • Analyzed journal entries and determined the wrongful consolidation of two acquired subsidiaries; recreated the books and records and associated financial statements.
  • Restored books and records previously destroyed and prepared financial statements that can be audited.

Accounting Irregularities—Revenue Enhancement

  • Analyzed the revenue recognition policies of three companies and determined deviations; determined the financial consequences and restated the companies’ financial statements for the last three years.
  • Analyzed accounting policies and related bookkeeping and determined deviations in connection with a SEC investigation.
  • Analyzed financial impact and restated the financial statements for the last three years for company seeking to emerge from Chapter 11 after determining its revenue recognition policies deviated from GAAP.
  • Investigated and uncovered non-existant transactions, recorded as revenue, related to the EURO 2000 football championship; analyzed the deviations and restated the financial statements for the last three years.

Accounting Malpractice

  • Assisted two auditors charged with performing substandard audits.
  • Assisting a Receiver of a bankrupt company in investigating the quality of an audit opinion after uncovering a series of accounting irregularities and determined the financial impact of the accounting irregularities.

Bankruptcy Litigation

  • Determined the financial impact of alleged wrongdoing within several bankrupt entities.
  • Conducted interviews, research, and assessed data to determine the causes of a bankruptcy and assisted the receiver with its investigation into the liability of a number of parties.
  • Examined two dividend payments of a company prior to its filing for bankruptcy in response to the receiver who stated the dividend payments could not be justified.

Bankruptcy—Assessment and Asset Tracing

  • Performed financial quick scans for a number of bankrupt companies in order to determine red flags for fraud, accounting irregularities, unjust sale of assets and other potential wrong doing.
  • Reviewed all major projects for the last three years of a bankrupt company in response to information that former shareholders defrauded the company for large amounts by recording costs as project related costs.

Commercial Disputes and Shareholders Disputes—Expert Witness

  • Provided expert witness opinion on the losses a professional artist suffered as a result of management wrongdoing.
  • Provided expert witness opinion on the IP infringement of a competitor of a sports apparel client.
  • Provided expert witness opinion on the costs of using pallets and other freight cost under various international commercial terms over a period of 10 years.
  • Provided rebuttal expert witness opinion on the losses a professional artist suffered as a result of wrongdoing of a law firm.
  • Provided expert witness opinion on the losses of a consulting firm as a result of a former employee signing contracts not economical beneficial for the company.
  • Provided expert witness opinion on the losses of a service provider to an insurance company who claimed the used contract was falsified and the services have not been rendered.

Commercial Disputes and Shareholders Disputes—Economic Consultant

  • Provided economic consulting services to an insurance company involved in various litigation as a result of not disclosing vital information to the general public and its shareholders and a subsequent bankruptcy.
  • Provided economic consulting services to the insurer of a manufacturing company on its efforts and associated cost to restate its financial statements after discovering accounting irregularities.
  • Provided economic consulting services on the losses of a railroad company with its manufacturer of trains/equipment, as a result of product malfunction.
  • Provided economic consulting services on the IP infringement of a competitor of a seed-producing client.
  • Provided economic consulting services on lost profits due to a counterparty not performing its obligations under a commercial contract.
  • Provided expert witness opinion on the valuation of a leisure center for skiing, skating and other winter-activities, due to a shareholders dispute.

Court Appointed Expert—Damage Calculation and Valuation

  • Provided a lost profits calculation as a court appointed expert where one party claimed a breach of contract due to not providing sufficient retail space as agreed in the contract.
  • Provided a lost profits calculation as a court appointed expert where one party claimed a breach of contract due to not providing sufficient assistance, marketing, and other services one could expect from the franchiser.
  • Provided a lost profits calculation as a court appointed expert where one joint venture party claimed a breach of contract of the other party due to charging inappropriate amount of cost to the joint venture.
  • Provided a valuation of several companies, as a court appointed expert, due to a shareholders disputes (minority interest calculation).

Competition/Antitrust—Follow on damages

  • Provided expert witness opinion to a company faced with litigation in which damages were claimed due to its membership of a cartel.
  • Forensic Accounting and Fraud Investigations
  • Assisted former CFO in criminal case against charges of leading a criminal organization defrauding the company for large amounts.
  • Analyzed the anti-corruption and anti-bribery procedures of a consulting firm and assessed the merits of a whistleblower claim.
  • Analyzed the anti-corruption and anti-bribery procedures of a pharmaceutical company after an internal investigation uncovered potential flaws in the procedure; assisted with the investigation into the conduct of several agents of the company.
  • Assisted a number of law firms conducting internal investigations into the actions or non-actions of one or more of their employees.                                        

International Arbitration

  • Provided a lost profits calculation in two International Arbitrations.

Post Acquisition and Joint Venture Disputes

  • Analyzed and assessed damages as a result of share purchase agreements in which the term EBIT was wrongfully determined and some closing balance sheet adjustments were in dispute.
  • Assessed warranty claims under a share purchase agreement and determined the resulting damages.

General Management and Financial Consulting

  • Cost and price analysis, financial reporting, compensation planning, financial planning, financing and cash flow planning.
  • General Client Services
  • Retained to provide all phases of auditing, tax and accounting services including planning, staffing, and client communication.

  • Certified Public Accountant (RA), the Netherlands
  • Forensic Auditor
  • Judicial expert

  • Postgraduate degree in forensic accounting, Nyenrode University and University of Leiden, 2002
  • Postgraduate degree in auditing (CPA), University of Groningen, 1997
  • Master's degree in business administration and accountancy, University of Groningen, 1995
  • Bachelor's degree in Technology Management, Noordelijke Hogeschool Leeuwarden, 1992 


Professional Affiliations

  • NBA (The Royal Netherlands Institute of Chartered Accountants)
  • LRGD (foundation of the national register of judicial experts)
  • ACFE (Association of Certified Fraud Examiners)
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