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bepstein@epsteinnach.com

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Barry Jay Epstein, Ph.D., CPA

About Barry Jay Epstein, Ph.D., CPA

Dr. Barry Epstein is a practicing accountant and frequent expert witness who works extensively with securities attorneys and U.S. regulatory agencies on a variety of cases. Dr. Epstein was the author of The Handbook of Accounting and Auditing (RIA, Thomson Reuters) from 1988 to 2013. He served as the lead author of 26 annual editions of Wiley GAAP (1985 through 2010), 14 annual editions of Wiley IFRS (1997 through 2010), and several other works on U.S. GAAP and international accounting standards, all published by John Wiley & Sons.
Head of Forensic Services, PWCO

Coping with the Consequences of COVID-19: Redoubling Attention to the Professional Standards

By |2020-07-10T21:19:12+08:00July 10th, 2020|Audit and Assurance|

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 [...]

Preparing your Company for FRS115 (IFRS15)

By |2018-09-25T10:38:25+08:00September 25th, 2018|Audit and Assurance, Insights|

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 [...]

Failed Corporate Governance: Handmaiden of Financial Fraud

By |2018-07-18T21:23:00+08:00July 18th, 2018|General, Insights|

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.  [...]

Legal and Accounting Pitfalls For Buyers and Sellers

By |2020-07-10T20:29:51+08:00June 19th, 2015|General, Insights|

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, [...]

Canaries Gone AWOL: How Auditors Should Be Helping

By |2020-07-10T20:29:52+08:00June 19th, 2015|General, Insights|

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 [...]

Nine Steps to Optimization of the Audit Committee

By |2020-07-10T20:29:53+08:00June 19th, 2015|General, Insights|

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 [...]

Failures Begin With Planning Deficiencies

By |2020-07-10T20:29:55+08:00June 19th, 2015|General, Insights|

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 [...]

Understanding How Auditors May Be Exposed to Accountants’ Negligence and Malpractice Suits by Failing to Properly Assess An Entity’s Internal Controls

By |2020-07-10T20:29:56+08:00June 19th, 2015|General, Insights|

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 [...]

Five Strategies for Audit Committees to Rebuild Public Trust and Confidence in Financial Reporting

By |2020-07-10T20:29:58+08:00June 19th, 2015|General, Insights|

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. [...]

Litigation Risk

By |2020-07-10T20:29:59+08:00August 20th, 2013|General, Insights|

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 [...]