Barry Epstein
Epstein + Nach LLC

225 W. Illinois Street
Suite 450
Chicago, IL 60654, United States
Phone: 312-525-8367
Areas of Practice
  • Accounting
  • Expert Witness Services

Criticism of Pfizer Tax Accounting Unwarranted

There has been a great deal of public debate regarding the U.S. corporate tax rate and the impact it has on tax compliance, so-called tax inversions, and economic policy, and inevitably some of this has had strong political…more

Dewey & LeBoeuf: Revenue Fraud and Law Firms

The actual workings of the Dewey & LeBoeuf alleged fraud have yet to be proven, or even fully explicated; the criminal trial involving firm leadership charged in this matter has just begun in NYC as of this writing. However,…more

Conflicting Requirements for Addressing “Going Concern” Situations Will Impact Financial Reporting by Both Private and Public Companies

The allocation of responsibilities between company management and outside auditors has long been clear. Management is obligated to develop and implement an accounting system, including pertinent internal controls, to enable the…more

Credit Impairment: New Fair Value Approach to Recognition of Estimated Losses Will Apply to Both Lenders and Other Financial Reporting Enterprises Holding Financial Assets

The use of fair value accounting has greatly expanded over the past decade, and this article shows that the trend will continue. Heretofore, different financial assets have been valued alternatively at lower of cost or market,…more

Accounting for Leases: Off-Balance Sheet Lease Arrangements About to Become Extinct

The FASB and its international standard-setting partner, IASB, have agreed on a new, uniform standard for accounting for leases that arguably will result in capitalization treatment of virtually all leases of more than one…more

Accounting for Business Acquisitions: Xerox's 2010 ASC Acquisition Demonstrates Financial Reporting Risks

Many financial reporting frauds have historically been associated with business combinations accounted for as purchases. History shows that the improper concealment of losses through off-the-books entities, misallocation of the…more
 /  Mergers & Acquisitions, Securities Law

Insider Trading and Other Auditor Independence Rules: What Litigators Should Know About Accountants’ Malpractice

One of the hallmarks of the public accounting profession is the requirement that auditors be independent from their clients, both in fact and in appearance – an obligation that is not imposed on other professional service…more
 /  Professional Malpractice, Securities Law

The LIBOR Scandal: Are There Lessons for Auditors?

The recent LIBOR scandal raises concerns about whether independent auditors failed to appreciate the significance or risks attendant to client banks' LIBOR-quoting activities, and if so, whether this could be cited as yet…more
 /  International Law & Trade, Securities Law

Greek Crisis Won’t Lead to Repatriation of Earnings by U.S. Corporations

Recent details about the Greek debt crisis suggest a possible reversion to a national currency regime, with ramifications that could include currency controls. The speculation is that fear of such an outcome might spur…more
 /  International Law & Trade, Securities Law

China Moves to Repatriate Its Auditing Profession

In China, management of entities subject to statutory audit requirements may choose the CPA firm to employ, but in order to audit listed companies' and foreign investment enterprises' financial statements CPA firms must first be…more
 /  International Law & Trade, Securities Law

Auditor Liability and Litigation: FCPA Violations and other Illegal Acts by Issuer Clients

Recent news that Wal-Mart, the world’s largest retailer in terms of sales, terminated its internal probe into bribery allegations in Mexico upon discovery of violations brings the subject of illegal acts by companies to the…more
 /  International Law & Trade, Securities Law

SEC and PCAOB Dispute Deloitte's Stance on China Work Papers

The SEC instituted an enforcement action against Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. on May 9, 2012, owing to the Firm’s on-going refusal to provide the Commission with working papers related to the audits of an…more
 /  International Law & Trade, Securities Law

Chinese Audit Firms: Change is Coming. When and Why this may Occur.

U.S. Big 4 accounting networks operating in China must "localize" their operations so that they are led by Chinese citizens and dominated by accountants holding China's accountancy qualifications by December 31, 2017, according…more
 /  International Law & Trade, Securities Law

Auditor Liability and Litigation: The Management Representation Letter

Auditor liability and accounting expert Dr. Barry Epstein explains why claiming reliance upon fraudulent or misleading information provided by the management of a company in a management representation letter is not a viable…more
 /  Professional Malpractice, Securities Law

The Litigators’ Guide to Auditors’ Malpractice Liability: Consequences of Failures to Understand the Reporting Entity’s Internal Controls

The subject of internal control over the financial reporting process is too often seen as a technically obscure matter having only tangential significance for the conduct of audits, and, post-Sarbanes-Oxley, as a costly…more
 /  Securities Law
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