Homebuilder Series Webinar: Fiduciary Duties & Auditor Liability
Crime Novelist Wins $51 Million From Accounting Firm
In January, the FASB adopted a final Accounting Standards Update that eliminates the requirement that preparers report events that meet the criteria for extraordinary classification separately in an income statement, net of...more
On January 11thth, I put up my last post stating that because of its length, I have broken up the post into two parts. This February post includes a Trade, Customs and IP update with longer sections on Antitrust and...more
Watch an in-depth Homebuilder Series webinar that discusses auditor liability and fiduciary duties.
Two issues of recurring interest to company officers and directors are the potential liabilities of outside...more
This case involved allegations of professional negligence in the context of tax planning advice, and saw the application of reasonably familiar principles. Whilst these cases always depend on their facts, the decision may...more
Many undertakings operating in the professional indemnity insurance sector traditionally offer policies covering the civil liability of certified chartered accountants and bookkeepers arising from the issue of conformity...more
I often speak at our firm’s annual CPE event to give clients an update on changes in the accounting industry. I also use the opportunity to go over what I call my “auditor’s wish list.” This is my list of items that clients...more
A federal court’s recent dismissal of Securities Exchange Act claims against the auditor of a Chinese company prompted us to examine the state of recent U.S. civil securities litigation against accounting firms that audited...more
This week the BVI Court issued important guidance to accountancy professionals, BVI companies and their shareholders as to how shares should be valued following a squeeze-out, merger or dissent from other restructuring...more
Last week, the Illinois Supreme Court heard oral argument in Brunton v. Kruger. Brunton involves the scope of the accountant-client privilege – specifically, what happens to that privilege after the client dies, and how the...more
1. You Haven’t Lawyered Up.
OK, that may be a little dramatic, but the worst case scenario is that you have a handshake deal with your co-founders. After all, we are all buds, this won’t go wrong. Even if it never goes...more
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
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