Failures Begin With Planning Deficiencies
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 in their planning processes. Litigators seeking to establish accountant liability in malpractice cases – as well as those charged…
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Barry Jay Epstein, Ph.D., CPA
Understanding How Auditors May Be Exposed to Accountants’ Negligence and Malpractice Suits by Failing to Properly Assess An Entity’s Internal Controls
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 Auditing Standards (“GAAS”) — specifically, within Field Work Standard No. 2, that auditors perform this fundamental exercise at the…
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Barry Jay Epstein, Ph.D., CPA
Five Things Financial Statement Users and Litigators Should Know
Executive Summary Fraud in company financial statements is a problem that affects users in most countries today, and some believe that this problem is only getting worse. While independent auditors render opinions that give investors confidence in the accuracy of a company’s reported financial performance, when fraud is uncovered, resulting litigation often focuses on the…
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Dev Team
Five Strategies for Audit Committees to Rebuild Public Trust and Confidence in Financial Reporting
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. The current cycle of financial reporting scandals has already caused further attention to be given to the issue of…
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Barry Jay Epstein, Ph.D., CPA
Singapore Budget Synopsis 2015
The 2015 Budget was unveiled in Parliament on 23 February 2015 by the Singapore Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam. Unlike past years, this year’s budget neither provides one-off generous SG50 celebratory goodies nor a pre-election carrot for all businesses as well as Singaporeans. It focused mainly on building Singapore’s future by taking…
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