Accounting Disputes and Malpractice Claims
Duff & Phelps helps clients navigate through complex accounting, auditing and regulatory issues by providing an independent point of view, deep technical expertise, and the practical advice our clients need to make sound business decisions.
Our professionals serve as consulting and testifying experts to accounting firms and their legal advisors, as well as entities requiring assistance with complex accounting, financial statement restatements, and investigations. Our team includes CPAs, CFEs, former Big 4 accounting firm partners, law enforcement, prosecutors and managers who are deeply experienced in the application of accounting standards and regulatory requirements.
We apply our expertise to help resolve a variety of issues involving:
- Accounting Disputes
- Accountant Malpractice Claims
- Financial Reporting
- Generally Accepted Accounting Principles (GAAP)
- Generally Accepted Auditing Standards(GAAS)
- Public Accounting Oversight Board (PCAOB)
- Securities and Exchange Commission (SEC)
Client Alert: The Center for Audit Quality Issues PCAOB Inspections Guide
The Center for Audit Quality recently released its Guide to PCAOB Inspections that provides an overview of the PCAOB’s program for inspecting public company auditing firms. PCAOB inspections focus on how a firm conducted selected audits and on the effectiveness of the firm’s quality control procedures.
Revenue Recognition: New Risks to the New Rule
In June 2010, companies will need to apply a new accounting rule, ASU No 2009-13, which amends existing guidance on revenue recognition under multiple-deliverable arrangements. The new rule is intended to result in accounting that more closely reflects the economic substance of transactions. It is expected that the new rule will result in the treatment of more deliverables as separate elements and possibly accelerate revenue recognition on those elements.
FASB Amends Accounting for Repurchase Agreements
In April 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-03 Transfers and Servicing (Topic 860), Reconsideration of Effective Control for Repurchase Agreements (the "Update"). ASU 2011-03 amends FASB Accounting Standards Codification Topic 860, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments.
Client Alert: Blue-Ribbon Panel on Standard Setting for Private Companies
On March 4, 2011, the Financial Accounting Foundation (FAF), the parent organization of the Financial Accounting Standards Board (FASB), announced it is forming a working group based on early recommendations from the Blue-Ribbon Panel on private company accounting standards in the U.S.