Crime Novelist Wins $51 Million From Accounting Firm
On December 8 and 9, staff members of the SEC’s Office of the Chief Accountant, including the SEC chief accountant in his first published speech since he arrived at the SEC, discussed various accounting and financial...more
As expected, the CRA has formally announced the details of its collaborative efforts with CPA Canada.
The CRA recently spoke about this collaboration at the Toronto Centre CRA-Tax Professionals breakfast seminar....more
In North Carolina, an accounting firm now owes a fiduciary duty to its audit client, both as a matter of law and as a matter of fact.
On November 4, 2014, a North Carolina appellate court held — for the first time —...more
Senior Fed Officials Encourage Financial Industry Firms to Improve Compliance Culture -
Enhancing culture was the theme at a workshop on “Reforming Culture and Behavior in the Financial Services Industry” held at the...more
The New Jersey District Court recently ruled that an economic damages expert retained by plaintiffs’ counsel in a class action was not entitled to any further compensation for his work. The facts in Rothstein v. Harstad...more
In the closing days of its September term, the Illinois Supreme Court allowed a petition for leave to appeal in Brunton v. Kruger. Brunton involves the scope of the accountant-client privilege – more specifically, what...more
While the number of class or collective action lawsuits has exploded, decisions from Circuit Courts of Appeal, particularly on procedural issues, are still infrequent enough to warrant comment. In Pippins v. KPMG, Case No....more
The world may be getting smaller, but the number of ways various countries approach confidentiality is growing. A mosaic of disparate regulations should give any auditor or accountant pause when providing services for clients...more
A now retired Deloitte & Touche LLP partner settled charges that he violated the auditor independence rules, engaged in improper professional conduct and caused a firm audit client to violate Exchange Act Section 13(a). The...more
Loss of Confidential Electronic Data: New Risks for Financial Professionals -
Recent highly publicized incidents of "hacking" of sensitive customer information should cause accountants and other financial professionals...more
Lawyers typically view the accountant’s role in franchising to be mainly auditing the franchisor’s financial statements and consenting to their use in the FDD. But accountants can play other valuable roles, from developing...more
In This Issue:
- Offshore Disclosure Programs—A Trap for CPAs?
- Superior Court Imposes Sanctions for Withholding Documents in Discovery
- Expert Witness Faces Personal Liability for Professional Malpractice
I don’t want to keep harping on the investment adviser custody rule. Look, I mean, SEC CustodyFest was fun, but we’re not going back in that depth. Someday maybe, but not today. But I’m going to harp a little bit. Because...more
On September 19 and 20, 2013, the American Law Institute presented its annual course, Accountants’ Liability: Managing Risks in a Changing Environment. One highlight of the conference was a Public Company Accounting...more
With companies soon facing new enterprise risk and corporate governance requirements, this alert discusses whether companies are prepared for state implementation and outlines new NAIC actions relating to conducting an...more
Once upon a time an independent accounting firm learned from a law enforcement source that its publicly traded client and two of its directors had committed illegal acts of a serious nature. ...more
May 21 (Bloomberg) -- Joan Lukey, partner at Ropes & Gray LLP, talks with Bloomberg Law's Spencer Mazyck about her successful representation of best-selling crime writer Patricia Cornwell in a highly-publicized lawsuit...more
We have been keeping track of FinCEN's SAR Activity Review – Trends, Tips & Issues virtually from its inception.
In its just issued May 2013 report, FinCEN provides new information regarding two areas of importance:
On March 3, 2013, Marcum LLP, a professional services firm that specializes in forensic accounting and financial litigation support services, filed a Fifth Amendment takings claim in the U.S. Court of Federal Claims for the...more
Merger activity among accounting firms has grown significantly of late. Allan D. Koltin, CEO of Koltin Consulting Group, commented that “2012 was another record year for CPA firm M&A. It represents the fifth consecutive year...more
Legal advice privilege has seized the focus of attention yet again, as a result of the UK Supreme Court’s decision in Prudential delivered on 23 January 2013. In overview, Prudential sought to withhold documents including...more
This is the last installment of my three party series regarding Occupational Fraud. One can never lose focus on what I consider the key question as they enter or play within the international arena: What are the...more
The Supreme Court this week handed down judgment in the case of R (on the application of Prudential plc and another) v Special Commissioner of Income Tax and another, confirming that legal advice privilege does not extend to...more
Legal advice privilege applies only to lawyers and does not extend to tax advice provided by accountants, the United Kingdom Supreme Court (formerly the House of Lords) confirmed in its first judgment of 2013: R (on the...more
Downton Abbey… or the U.K. Supreme Court’s latest case on privilege law?
One of these will come up sometime soon at a social event.
“The public has the right to every person’s evidence,” said Supreme Court of ...more
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