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    Jury Verdict Against KPMG for Negligent Misrepresentations in Audit Report

    Article Failure to detect misstatements in financial statements result in a $38.8M jury verdict in the Cast Art Industries, LLC vs. KPMG LLP case.
    Published on October 04, 2010

    Cast Art Industries, LLC Scott Sherman Gary Barsellotti and Frank Colapinto vs. KPMG LLP John Quinn John Shaw Ed Lazor F...

    Legal Brief A substantial jury verdict of $31.8 million was entered against KPMG in this case which was brought in the Superior Court of New Jersey, Middlesex County.  Plaintiffs, which included Cast Art Industries, LLC (“Cast Art”) and its shareholders, brought suit against KPMG, as an auditor, for failing to detect fraudulent misstatements
    Published on October 15, 2009

    Grant Thornton LLP v. Prospect High Income Fund

    Legal Brief Because of their (1) extensive understanding of the accounting profession and, in particular, the role of an independent auditor, and (2) commitment to the public interest, the Texas Society of CPAs and the American Institute of CPAs are deeply concerned about the court of appeals' decision in this case inasmuch as it threatens
    Published on March 21, 2008

    Potts v. SEC

    Legal Brief ...for the AICPA in support of the petition of Robert D. Potts. The SEC sanctioned Potts for ""improper professional conduct"" in performing duties as a concurring reviewer during an audit of certain financial statements in 1988 and 1989
    Published on September 21, 2006

    John P. Crowley v. Doris June Chait

    Legal Brief Because of the Institute's historical role particularly in formulating standards relating to audits, reviews, and compilations, and the reports issued thereon, the AICPA has maintained a strong interest in the scope and bases of civil liability sought to be imposed upon auditors pursuant to those...
    Published on September 27, 2006

    AICPA Participates in Congressional Roundtable to Explore How to Improve Medicare Audits

    Newsletter The CPA Advocate: July, 2014. Steve Stang, a CPA from North Carolina, testified at a Senate Special Committee on Aging roundtable that increasing the number of Medicare audits "will likely not significantly lower the rate of improper payment errors
    Published on July 30, 2014

    Audit, Attest, and Quality Control ASB Comment Letters

    Comment Letter ASB comment letter to other organizations.
    Published on September 15, 2014

    AICPA Comments on Proposed Revisions to Single Audit Data Collection Form

    Newsletter The CPA Advocate: July, 2013. The AICPA supports OMB updating both the Data Collection Form and its instructions; however, the AICPA’s letter also provides a number of overarching and specific comments.
    Published on July 18, 2013

    AICPA Amicus Brief Asks U.S. Supreme Court to Overrule Securities Litigation Case

    Newsletter The CPA Advocate: March, 2014.  The U.S. Supreme Court heard oral arguments on the Halliburton case on March 5, 2014, which is regarded as one of the most important securities litigation cases in years.  A decision by the Court is expected by June 2014.
    Published on March 31, 2014

    AICPA Raises Concerns about Ideas for Potential Revisions to Single Audits

    Article The CPA Advocate: June, 2012. The GAQC comment letter to OMB supports overall goals of potential revisions to single aud requirements but raised concerns about ideas for potential revisions.
    Published on June 13, 2012

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