February 11, 2011
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Article
The SEC appears to be increasing its scrutiny of compliance with financial statement disclosure rules regarding potential court losses. The heightened attention is intersecting with a three-decades-old treaty for lawyers and accountants forged by the AICPA and the American Bar Association. The JofA spoke with attorney Michael Young, chair of Willkie Farr & Gallagher LLP’s Securities Litigation & Enforcement Practice Group, about the issue.
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November 1, 2010
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BY
ROBERT REILLY, CPA/ABV/CFE
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Article
When giving expert testimony, CPA valuation analysts should be prepared to have their reports and testimony withstand the scrutiny of litigation and cross-examination. The following guidelines can help the valuation analyst prepare for potential vulnerabilities that opposing legal counsel may try to exploit. Check your resume.
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July 20, 2009
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Article
Federal securities class action activity declined in the first half of 2009, according to a report released Monday by the Stanford Law School’s Securities Class Action Clearinghouse and Cornerstone Research. Eighty-seven federal securities class actions were filed in the first half of 2009, a 22.3% decline from the 112 filings in both halves of 2008.
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January 1, 2008
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BY
Laura Jean Kreissl, Darlene Pulliam
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Article
Despite some legal setbacks, the IRS has signaled it will continue to press for a strict reading of the work product privilege that protects taxpayer documents from discovery. With Action on Decision 2007-004, the IRS said it will not acquiesce in the Sixth Circuit’s holding in U.S. v.
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August 1, 2007
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BY
Edmund Fenton Jr.
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Article
EXECUTIVE SUMMARY CPAs can provide valuable services as litigation support consultants in lawsuits involving business damages. This analytical role allows CPAs to enter the litigation support business before taking on the greater challenge of being an expert witness. Before accepting an engagement, the CPA should ask the attorney for all existing documentation to determine if that type of work is within the CPA’s professional capabilities and make sure the engagement is crafted to protect the attorney work product privilege.
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March 1, 2007
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Article
HIGHLIGHTS With FASB affirming its implementation date for FIN 48, several organizations, including the AICPA and FASB itself, are producing educational materials or additional guidance to help issuers comply with its new requirements for recognizing and measuring tax assets and liabilities.
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February 1, 2007
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Article
The PCAOB proposed a standard, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements, to replace PCAOB Audit Standard no. 2 (AS2). The proposal is designed to focus audits on the matters most significant to internal control, eliminate unnecessary procedures, simplify the standard itself by reducing detail (the text is roughly one-third the length of AS2) and make audits more scalable for smaller companies.
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January 1, 2007
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Article
HIGHLIGHTS The SEC enhanced the Internet-based search capability of its EDGAR database of company filings. Users now can search the contents of disclosure documents with a full-text search tool. The newly searchable information includes registration statements, annual and quarterly reports and other filings by companies and mutual funds during the past four years.
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September 1, 2006
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Article
Business valuation (BV) and forensic & litigation services (FLS) are the fastest-growing niche markets in the CPA profession. This special section highlights these niche practices and the issues practitioners are facing. CPAs looking for additional technical and practice management guidance on BV and FLS topics also can visit the AICPA’s BV/FLS Web site ( www.aicpa.org/bvfls ) for more detailed guidance.
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September 1, 2006
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Article
What is the primary focus of your practice? What is the size of your practice? Note : Multiple answers permitted. Source: December 2005 AICPA BV/FLS Membership Section survey. Practitioners can obtain guidance from many sources. The AICPA is currently developing valuation standards for its members; the other organizations already publish standards.
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