Commscope Credit Union v. Butler & Burke, LLP v. Barry D. Graham et al.,
The Court of Appeals’ decision demonstrates a significant misunderstanding of auditor independence—an essential component of an auditor’s responsibilities. Holding that an auditor may owe a fiduciary duty to an audit client conflicts with North Carolina and federal law, as well as professional auditing standards: Auditors must be independent of their
Published on April 06, 2015
Halliburton Co. and David Lesar v. Erica P. John Fund, Inc.
Brief of the American Institute of Certified Public Accountants as Amicus Curiae in Support of Petitioners.
Published on January 06, 2014
Brief of the AICPA as Amicus Curiae in Support of the Defendant-Appellee KPMG LLP and Affirmance
The AICPA submitted this amicus brief in support of the Defendant-Appellee KPMG LLP.
Published on October 03, 2013
Erica John Fund, Inc. v. Halliburton Co.
The AICPA, on behalf of its members, has a keen interest in assuring that its members and their firms, as well as all others involved in the financial reporting process, are able to raise, and have considered before the class certification decision is made, challenges to the underlying assumptions required for
Published on March 31, 2011
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 October 04, 2010
American Bar Association vs. Federal Trade Commission
The AICPA has a direct interest in the outcome of this litigation. The AICPA’s members, like attorneys, are engaged in a professional practice. Also, like attorneys, certified public accountants typically engage in invoiced billing of their clients, allowing their clients to pay for such services after
Published on September 07, 2010
Teachers Retirement System of Louisiana vs. PwC and Marc Kirschner vs. KPMG, et al
The Appellants in both cases seek to eviscerate – if not eliminate altogether – the imputation doctrine and the related defense of in pari delicto, long available to auditors and other professionals as a vital protection against claims asserted by or on behalf of companies whose senior managers intentionally defrauded
Published on July 22, 2010
Massachusetts Society of CPAs & AICPA in Support of KPMG Re Nycal
Massachusetts Society of CPAs & AICPA in Support of KPMG Re: Nycal
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 15, 2009
AHERF (Allegheny Health, Education and Research Foundation) v. PwC
The PICPA and AICPA do not have a stake in the particular dispute at issue. However, because of their extensive understanding of the accounting profession and commitment to the public interest, these organizations are deeply concerned on behalf of their members about the Court's decision in this case, particularly insofar as
Published on November 05, 2008
Bankruptcy Services, Inc. v. Ernst & Young, Ernst & Young LLP
The AICPA is deeply concerned about the Panel's unduly expansive view of the adverse interest exception to imputation. The New York courts have carefully balanced an injured party's interest in recovering damages with fair limits on accountants' liability. The Panel's decision threatens to upset that balance and expose accountants to broadly expanded
Published on August 20, 2008
PricewaterhouseCoopers LLP v. Division of Medical Assistance and Health Services
The AICPA and the NJSCPAs respectfully submit this brief as amici curiae in support of PricewaterhouseCoopers LLP's Motion to Dismiss. Amici request that the motion to dismiss be granted because permitting the Division of Medical Assistance and Health Services' claim against PwC would alter the existing standards of an accountant's
Published on June 20, 2008
Bernard L. Bilski and Rand A. Warsaw
The AICPA has worked closely with Congress and taxing authorities for many years to ensure equity, fairness, and simplicity in our tax system. Its members play a major role helping millions of individual taxpayers and businesses, located in every state in the United States, to comply with federal, state, and
Published on April 07, 2008
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 March 21, 2008
Tellabs Inc. v. Makor Issues & Rights, Ltd.
The present case concerns the pleadings standards established by the Private Securities Litigation Reform Act of 1995 (PSLRA). In the PSLRA, Congress required securities-fraud plaintiffs to plead particularized facts leading to a "strong inference" that each defendant acted, or failed to act, with the requisite "scienter" - the culpable mental state
Published on February 09, 2007