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Restated Financial Statements And Auditor Litigation
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Book Synopsis Restated Financial Statements and Auditor Litigation by : Zoe-Vonna Palmrose
Download or read book Restated Financial Statements and Auditor Litigation written by Zoe-Vonna Palmrose and published by . This book was released on 2001 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides evidence on the restatement circumstances associated with lawsuits against auditors. We examine restatements of financial statements previously issued to the public and filed with the SEC by 416 US companies that announced restatements from 1995 to mid-1999. Our examination focuses on the accounting issues giving rise to restatements. We classify these issues as either economic or technical. Economic restatements involve transactions and accounts related to core (recurring) earnings; all other restatements are technical. We find that auditors are significantly more likely to be sued over economic restatements than technical ones. Additionally, we find that revenue restatements, one type of economic restatement and overall the most frequent, primarily contribute to this result. While economic restatements are associated with more severe circumstances as measured by fraud, materiality, bankruptcy/delisting, and security price reaction, our multivariate model includes these as control variables.
Book Synopsis Audit Committee Members and Restatement-Related Litigation Risk by : Chris E. Hogan
Download or read book Audit Committee Members and Restatement-Related Litigation Risk written by Chris E. Hogan and published by . This book was released on 2015 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates factors associated with restatement-related litigation against U.S. audit committee members. Using a sample of restatement-related litigation in the U.S. over the period 1999-2012, we find that the likelihood of audit committee litigation is higher in the post-SOX time period when financial reporting and auditor oversight responsibilities were significantly increased. This finding suggests that increased legal liability post-SOX could reduce the pool of qualified candidates willing to serve on the audit committee. We find that directors serving on the audit committee for a longer portion of the class action period and those with net insider selling activity during the class action period are more likely to be named as defendants. However, audit committee chairs, financial experts, and audit committee members serving on the compensation committee are no more likely to be named as defendants than other audit committee members, contrary to the perceptions of many officers and directors. Overall, our study provides insights into when audit committee members face higher litigation risk and useful information for the recruitment and retention of audit committee members.
Book Synopsis Financial Statement Restatements by : United States. General Accounting Office
Download or read book Financial Statement Restatements written by United States. General Accounting Office and published by . This book was released on 2002 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Statement Misstatements, Auditor Litigation, and Subsequent Auditor Behavior by : Jaime Joy Schmidt
Download or read book Financial Statement Misstatements, Auditor Litigation, and Subsequent Auditor Behavior written by Jaime Joy Schmidt and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the occurrence and outcome of auditor litigation related to financial statement misstatements and the effect of auditor misstatement-based litigation on subsequent auditor behavior. The study is motivated by recent calls to limit auditor legal liability and the need to examine the ability of litigation to deter non-Generally Accepted Accounting Principles (GAAP) financial reporting. I find that misstatement severity is the primary driver of auditor litigation. Specifically, I find that auditor misstatement-based litigation is more likely when the misstatement is associated with fraud, a regulatory investigation, a larger stock price decline, and/or a greater number of accounting application [i.e. Financial Accounting Standards Board (FASB)/GAAP) failures. In addition, I find that auditor misstatement-based litigation is more likely to occur when the misstatement is associated with engagement fees that consist of a greater magnitude or a greater proportion of non-audit service fees. Further, I find that misstatement severity and the size of the plaintiffs? claims are the primary drivers of auditor settlements resulting from misstatement-based litigation. Specifically, I find that an auditor settlement resulting from misstatement-based litigation is more likely to occur when the misstatement is associated with fraud, a greater amount of alleged income or equity inflation over the class action time period, and/or a larger alleged percentage drop in share price over the class action time period. With respect to subsequent auditor behavior, I find evidence that auditor litigation results in more conservative subsequent auditor behavior across a litigated auditor?s office-wide client portfolio (that excludes the litigated client). Specifically, in the year following auditor litigation, I find evidence that litigation results in increased auditor constraint of client-reported positive and signed discretionary accruals, as well as longer audit report lags.
Book Synopsis Understanding and Using Financial Data by : Vincent J. Love
Download or read book Understanding and Using Financial Data written by Vincent J. Love and published by . This book was released on 1992-11-05 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a well-known expert witness and accountant, it will walk attorneys through the myriad items found in balance sheets and financial statements. Provides information on where lawyers can find accounting resources, disclosure requirements, understanding financial language in legal documents and explaining numbers to juries. Contains numerous illustrations and practical examples.
Book Synopsis The Role of Directors' and Officers' Insurance in Financial Reporting and Class Action Securities Litigation by : Irene Y. Kim
Download or read book The Role of Directors' and Officers' Insurance in Financial Reporting and Class Action Securities Litigation written by Irene Y. Kim and published by . This book was released on 2004 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Auditor Litigation by : Sebahattin Demirkan
Download or read book Auditor Litigation written by Sebahattin Demirkan and published by . This book was released on 2018 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study extends the Palmrose and Scholz (2004) general litigation and general restatements study by focusing on auditor litigation and revenue restatements. We investigate all potential accounting issues, individually, instead of by their group method, with regard to auditor litigation. The impact of the individual accounting issues implicated in restatements is of concern to auditors and audit standard setters in gauging auditor litigation risk and audit risk. It also is important for financial analysis and securities valuation because investors' losses are greater, and recovery of losses on a percentage basis lower, when the auditor is a defendant, and especially when the auditor has a more severe, negative litigation experience (Commolli et al. 2012). We examine financial reporting lawsuits filed from 2001 through 2008 and find that revenue restatements - far more than any other kind of restatements - are associated with auditors being named defendants and also auditors experiencing a more severe, negative outcome in the litigation.
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976422881 Total Pages :42 pages Book Rating :4.4/5 (228 download)
Book Synopsis Financial Audit by : United States Government Accountability Office
Download or read book Financial Audit written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial audit : restated financial statements : agencies' management and auditor disclosures of causes and effects and timely communication to users : report to the Director, Office of Management and Budget.
Book Synopsis Auditor Liability in the Current Environment by :
Download or read book Auditor Liability in the Current Environment written by and published by . This book was released on 2009 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial statement restatements trends, market impacts, regulatory responses, and remaining challenges. by :
Download or read book Financial statement restatements trends, market impacts, regulatory responses, and remaining challenges. written by and published by DIANE Publishing. This book was released on with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding and Using Financial Data by : Charles R. Wright
Download or read book Understanding and Using Financial Data written by Charles R. Wright and published by . This book was released on 1996-04-10 with total page 598 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed to walk attorneys through the myriad of items found in corporate annual reports, balance sheets and financial statements which is critical for litigation purposes and for client edification regarding the importance of deciphering financial language in legal documents. Features extensive material on where to find the information you need, how to compare it to the information provided by other companies in the same industry or geographic location, how to corroborate the data in the basic statements, and locating the primary internal documents upon which financial statements are based. This edition contains updated information on the financial reporting consequences of litigation, nonprofit organizations, business interruption insurance, and an appendix with U.S. GAAP pronouncements.
Book Synopsis Financial Restatements by : U S Government Accountability Office (G
Download or read book Financial Restatements written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-07 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.
Book Synopsis Re-Evaluating the Effectiveness of Auditing Standard No. 2 by : Sebahattin Demirkan
Download or read book Re-Evaluating the Effectiveness of Auditing Standard No. 2 written by Sebahattin Demirkan and published by . This book was released on 2014 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide evidence of the impact of Auditing Standard No. 2 (“AS 2”), issued pursuant to the Sarbanes-Oxley Act of 2002 (“SarBox”), on the outcome of auditors in financial reporting litigation. Specifically, we focus on the existence of financial restatements and how and why they affected the outcome of the auditor in the financial reporting lawsuits. Our longitudinal method subjected to year-by-year regression analysis 2,059 financial reporting lawsuits filed from 1996 to 2009. Our results indicate that restatements are positively associated with more severe outcomes for the auditor in lawsuits filed in 2002 and in the years after 2004. However, restatements are not significant in lawsuits filed in 2003 and 2004. Pressure from SarBox Section 906 criminal penalties and Section 302 requirements to disclose material weaknesses, coupled with a lack of guidance to distinguish material weaknesses from significant deficiencies, temporarily and indirectly caused the issuance of a large number of restatements that were not material or comprehensible to participants in the legal system. Thus, they were temporarily unable to use the restatements to inform their litigation behavior. However, after the June 17, 2004, release of AS 2, participants in the legal system were again able to use the restatements to inform their behavior. This suggests that AS 2, notwithstanding its inefficiency, necessitating its subsequent superseding by Auditing Standard No. 5 (“AS 5”), increased audit effectiveness and financial reporting quality by facilitating more accurate identification of material weaknesses.
Book Synopsis Research in Accounting Regulation by : Gary Previts
Download or read book Research in Accounting Regulation written by Gary Previts and published by Elsevier. This book was released on 2000-12-20 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scope of service provided by professional accountants is influenced by legislation and case law as well as the dictates of a variety of government and private sector agencies; including State Boards of Accountancy, Academic Accreditation Bodies, the United States Securities and Exchange Commission, independent standard setting bodies such as the Federal Accounting Standards Advisory Board [US], the Financial Accounting Standards Board [US], and self-regulatory organizations such as State Societies of CPAs and the American Institute of Certified Public Accountants. There are equivalent and emerging national bodies that exist in most developed and developing countries, and further there are emerging global coordinating entities as well, which attempt to coordinate the activities among nations. It is important for academics, students, practitioners, regulators and researchers to consider, study and understand the role and relationship of such bodies with the practice and content of our discipline. Research in Accounting Regulation is a refereed annual serial that seeks to publish high quality manuscripts, which address regulatory issues and policy affecting the practice of accountancy, broadly defined. Topics of interest include research based upon: self-regulatory activities, case law and litigation, government and quasi-governmental regulation, and the economics of regulation, including modeling. The serial aims to encourage the submission of original empirical, behavioral or applied research manuscripts that consider strategic and policy implications for regulation, regulatory models and markets.
Book Synopsis The Accountant's Guide to Legal Liability and Ethics by : Marc J. Epstein
Download or read book The Accountant's Guide to Legal Liability and Ethics written by Marc J. Epstein and published by Irwin Professional Publishing. This book was released on 1993 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In today's highly competitive accounting environment, liability is one of the biggest fears. Accountants are potentially subject to more claimants in the course of any one transaction than doctors. A major liability loss can severely damage or cause the complete failure of your accounting firm - large or small. The Accountant's Guide to Legal Liability and Ethics reveals the magnitude of the liability issues you face daily as an accountant and tells you of the dangers. Practical and easy to read, this guide breaks through the rhetoric to show you the broad spectrum of liability." "You'll discover the way courts really look at GAAS and GAAP; how to identify which areas of your practice are particularly vulnerable based on previous court actions and rulings; what to look for in a policy when purchasing professional liability insurance; and the foundation for developing an ethical framework that will guide accountants through these dangerous waters." "While concerns over liability mount in almost every profession across the country, it undoubtedly weighs heavily on the accountant. The authors provide you with new insights and new dimensions in practicing your profession and help you overcome these concerns."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
Book Synopsis Financial Audit by : United States. Government Accountability Office
Download or read book Financial Audit written by United States. Government Accountability Office and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States Government Accountability Office Publisher :Lulu.com ISBN 13 :0359536395 Total Pages :234 pages Book Rating :4.3/5 (595 download)
Book Synopsis Government Auditing Standards - 2018 Revision by : United States Government Accountability Office
Download or read book Government Auditing Standards - 2018 Revision written by United States Government Accountability Office and published by Lulu.com. This book was released on 2019-03-24 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.
