Jury Verdict Against KPMG for Negligent Misrepresentations in Audit Report
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 May 03, 2013
Grant Thornton LLP v. Prospect High Income Fund
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 April 14, 2010
Cast Art Industries, LLC Scott Sherman Gary Barsellotti and Frank Colapinto vs. KPMG LLP John Quinn John Shaw Ed Lazor F...
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 04, 2010
Potts v. SEC
...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 April 02, 2013
John P. Crowley v. Doris June Chait
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 April 09, 2010
Audit, Attest, and Quality Control ASB Comment Letters
ASB comment letter to other organizations.
Published on July 18, 2014
AICPA Comments on Proposed Revisions to Single Audit Data Collection Form
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
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 27, 2014
AICPA Raises Concerns about Ideas for Potential Revisions to Single Audits
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 12, 2012
Whistleblower Rules under Dodd Frank Act
Dodd-Frank Act Sections 922 and 748 require the Securities and Exchange Commission and Commodities Futures Trading Commission to implement rules to pay cash awards of up to 30% in settlements over $1 million to whistleblowers who voluntarily provide original information about violations of the Securities laws and Commodity Exchange Act,
Published on February 05, 2013