Barry Jay Epstein, Ph.D., CPA, Accounting Expert at Epstein + Nach LLC and Eva K. Jermakowicz, Ph.D., CPA Professor, College of Business Tennessee State University The current novel coronavirus (COVID-19) epidemic is causing huge concern and disruption throughout the world, for obvious reasons, and the [...]
The Accounting Standards Council issued FRS 115 (also known as IFRS 15) on 19 Nov 2014. FRS 115 is effective from annual periods beginning on or after 1 Jan 2018. Earlier application is permitted. Objectives of FRS 115 The objective of IFRS 15 is to set out standards for recognition [...]
Financial reporting frauds (also called management frauds) have become endemic, with huge losses being inflicted upon shareholders, creditors and others. Some of the most infamous frauds of the past two decades – Enron, WorldCom, Satyam, Olympus, Toshiba, and Parmalat being a small sample – have implicated the same key concerns. [...]
Dr Barry Jay Epstein, Accounting Expert at Epstein + Nach LLC Earn-out agreements (“earn-outs”) are common features of business acquisitions, and indeed may be necessary in bringing a proposed transaction to fruition. Particularly when the sought-after price is predicated on the business’ very recent record of success, [...]
Dr Barry Jay Epstein, Accounting Expert at Epstein + Nach LLC During an out-of-court restructuring or a Chapter 11 bankruptcy [1] process, restructuring professionals do not uncommonly hear the statement (or think to themselves): “If only we could have gotten involved sooner.” Oftentimes, business managers that ignore [...]
Dr Barry Jay Epstein, Accounting Expert at Epstein + Nach LLC The audit committee, and its membership, are keys to the success of business operations. If the audit committee fails in executing its duties, there could be grave consequences for the entity, particularly in the areas of [...]
Dr Barry Jay Epstein, Accounting Expert at Epstein + Nach LLC The author – a former auditor and longtime litigation consultant – has found that, like Tolstoy’s happy families, virtually all inadequately performed audits are alike. In the audit failure arena, they almost inevitably exhibit fatal flaws [...]
Dr Barry Jay Epstein, Accounting Expert at Epstein + Nach LLC Gaining an understanding of an entity’s system of internal control is a critical component of conducting an audit. The American Institute of Certified Public Accountants mandates in the body of professional guidance known as Generally Accepted [...]
Dr Barry Jay Epstein, Accounting Expert at Epstein + Nach LLC Management fraud and auditor failure to find that fraud have received the greatest share of attention to date; and relatively less attention has been directed at the role of audit committees in these financial reporting failures. [...]
Dr Barry Jay Epstein, Accounting Expert at Epstein + Nach LLC Auditor liability and malpractice, stemming from allegations of failure to appropriately respond to clients’ risk of material misstatements due to fraud, is an area ripe for litigation, specifically when fraud and material misstatements are subsequently revealed [...]
