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Litigation Against Auditors
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Book Synopsis Litigation Against Auditors by : Dain C. Donelson
Download or read book Litigation Against Auditors written by Dain C. Donelson and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Auditors are subject to litigation exposure under federal securities laws and under state law. Research into auditors' liability under federal securities laws tends to make use of publicly available data from class action suits to examine factors associated with the incidence of litigation against auditors, the extent to which the legal merits of the case influence incidence and outcomes of those cases, and the impact of legal reform on litigation against auditors. State law does not generally allow class actions suits, so public data are not available. Research in this area focuses on understanding the process by which jurors and judges assess auditor blame for client misstatements. It considers similar issues, including the extent to which the merits of the case versus legally irrelevant factors impact the resolution of the case. Market-based experiments examine the effects of various legal regimes on auditor and social welfare. We summarize research results in these areas and identify important areas for future research, including examining the effects of potential decreases in auditor liability on social welfare, deepening our understanding of the conditions under which the merits of the case are appropriately reflected in case outcomes, and improving our understanding of how parties determine whether to settle and how juries set damage awards.
Book Synopsis Lawsuits Against Auditors by : Thomas Z. Lys
Download or read book Lawsuits Against Auditors written by Thomas Z. Lys and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we compare two matched samples of 117 corporations whose auditors are and are not sued, to provide information on lawsuits. Lawsuits tend to be filed against auditors of client firms that have liquidity problems and poor stock price performance. There is little evidence of poorer accounting performance or accounting manipulation in the year in which wrongdoing is alleged to have occurred. The likelihood of a lawsuit against an auditor is greater if the audit report is qualified, the less structured is the audit and the larger the proportion of the auditor's revenues generated by the client.We also use multivariate models to compare the two samples. However, the multivariate analysis' data requirements reduce the number of observations in each sample to 21. Nevertheless, the multivariate analysis also suggests that we can discriminate between the litigation and control firms using the variables that are significant in the univariate analysis.
Book Synopsis Regulation, Auditor Litigation and Settlements by : Lakshmana Krishna Moorthy
Download or read book Regulation, Auditor Litigation and Settlements written by Lakshmana Krishna Moorthy and published by . This book was released on 2017 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to understand the determinants of lawsuits against auditors in securities class action litigation and the settlement pattern by auditors when the suit is not dismissed. The issues we consider are: (i) when are auditors named as defendants (ii) when do auditors choose to settle and (iii) what proportion of the settlement do auditors pay in relation to the settlement by all the other parties; and (iv) differences in settlement strategies among the big-n firms. We also want to understand how these suit and settlement patterns have changed following the enactment of major regulation such as the Private Securities Litigation Reform Act (PSLRA), Sarbanes Oxley Act (SOX). Following prior literature, we first establish that auditors are more likely both to be named and to settle in cases involving restatement of earnings, accusations of violation of GAAP or accounting improprieties. We then show that the likelihood of suit and settlement increase in a measure that we construct measuring the complexity of litigation. We then examine differences in settlement patterns across periods preceding and after the passage of PSLRA and SOX. We find that auditors are named less often in the post PSLRA period (relative to the pre-PSLRA period), settle with the same frequency in both periods but pay less proportional damages. The same set of comparisons show that auditors are just as likely to be sued post-SOX as pre-SOX, but settle with lower frequency and pay the same proportion of damages. Overall this study documents the beneficial role of both PSLRA and SOX on reducing the litigation burden on auditors. With regard to settlement strategies, we document the varying strategies employed by the Big-n firms that settle at different rates, vary in their aggressiveness and time to settle signaling the willingness to fight or cooperate in the settlement.
Book Synopsis The Changing Landscape of Auditor Litigation and Its Implications for Audit Quality by : Colleen Honigsberg
Download or read book The Changing Landscape of Auditor Litigation and Its Implications for Audit Quality written by Colleen Honigsberg and published by . This book was released on 2019 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a comprehensive overview of shareholder litigation against auditors since the passage of the Private Securities Litigation Reform Act (PSLRA). The number of lawsuits per year has declined, dismissals have increased, and settlements in recent years have declined. Our study asks why. Because we find that the likelihood an auditor is sued following a severe restatement has significantly declined in recent years, it does not appear that the decline can be attributed solely to increases in audit quality. Instead, we consider whether the recent wave of Supreme Court cases limiting the scope of Rule 10b-5 against private actors may have led to the decline. To study this possibility, we focus on the Supreme Court’s 2007 and 2011 rulings in Tellabs v. Makor and Janus v. First Derivative, respectively. These decisions affected Rule 10b-5 litigation in different ways; Tellabs related to pleading standards, while Janus related to liability rules. Our analysis provides strong evidence that the higher liability standards imposed by Janus significantly reduced auditors’ liability exposure, but we find only limited evidence that the pleading standard imposed by Tellabs had a significant effect.
Book Synopsis An Empirical Examination of Litigation Against Auditors Over Time by : James Specht
Download or read book An Empirical Examination of Litigation Against Auditors Over Time written by James Specht and published by . This book was released on 1988 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Litigation Against Auditors Upon the Incidence of Qualified Opinions by : Gary A. Salazar
Download or read book The Effect of Litigation Against Auditors Upon the Incidence of Qualified Opinions written by Gary A. Salazar and published by . This book was released on 1993 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The International Corporate Governance System by : F. Lessambo
Download or read book The International Corporate Governance System written by F. Lessambo and published by Springer. This book was released on 2016-01-26 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive approach to Corporate Governance, Audit Process and Risk Management. Furthermore, it provides an analytical and comprehensive approach of the issues facing governance directors, internal and external auditors, risk managers, and public officials conducting assessments based upon the Report on Standards and Codes.
Book Synopsis An Empirical Examination of Litigation Against Auditors Over Time by : Jim Specht
Download or read book An Empirical Examination of Litigation Against Auditors Over Time written by Jim Specht and published by . This book was released on 1988 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securities Litigation Involving Auditors by : David L. Gilbertson
Download or read book Securities Litigation Involving Auditors written by David L. Gilbertson and published by . This book was released on 1997 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three chapters, each of which examines important questions relevant to the securities reform debate. These questions are addressed in the context of securities class action lawsuits, especially those involving auditors. The first chapter investigates some of the charges made by those who claim that the securities laws are being abused and tests several hypotheses reflecting the accounting profession's allegations of "opportunistic" behavior by plaintiffs' attorneys. The second chapter investigates an empirical technique for assessing the relative merits of securities class-action lawsuits, using methodologies developed by previous earnings management researchers. The third chapter assesses the impact of the Supreme Court's Central Bank decision on securities litigation against audit firms.
Book Synopsis Auditor's Public Offering Experience and Lawsuits by : Nargiz Abdullayeva
Download or read book Auditor's Public Offering Experience and Lawsuits written by Nargiz Abdullayeva and published by . This book was released on 2022 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior literature suggests that public offering clients of Big 4 auditing firms are more likely to get sued due to their "deep pockets" which might trigger the filing of lawsuits. However, it is not clear whether variation in auditor knowledge and experience among Big 4 audit offices might affect the litigation risk. In this paper, I examine whether auditor experience in public offerings measured at the audit office level is associated with lawsuit incidence related to initial and secondary public offerings. Using a sample of U.S. IPOs and SEOs audited by Big 4 audit firms, I find that IPO clients of the auditors with higher IPO experience are less likely to get sued. Similarly, I find that SEOs audited by Big 4 offices with higher SEO experience are associated with lower lawsuit incidence. I also investigate whether auditors might use their SEO and IPO experience to mitigate litigation risk interchangeably for IPO and SEO audits, respectively. I find that SEO experience is negatively associated with lawsuit incidence in the IPO sample, but that association disappears after controlling for auditor IPO experience. However, I do not find any association between auditor IPO experience and SEO-related lawsuits. I also examine the effect of auditor IPO and SEO experiences on dismissal rate among lawsuits related to IPOs and SEOs,respectively. My results suggest that the IPO experience of auditors has a positive impact on the dismissal rate of lawsuits related to IPOs. However, I do not find a significant association between the SEO experience of auditors and the dismissal rate of SEO-related lawsuits.
Author :Suil Pae Publisher :National Library of Canada = Bibliothèque nationale du Canada ISBN 13 : Total Pages :154 pages Book Rating :4.F/5 ( download)
Book Synopsis Firm Value, Audit Quality, and Social Welfare in the Presence of Costly Litigation Against Auditors by : Suil Pae
Download or read book Firm Value, Audit Quality, and Social Welfare in the Presence of Costly Litigation Against Auditors written by Suil Pae and published by National Library of Canada = Bibliothèque nationale du Canada. This book was released on 1996 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securities Litigation Against Auditors and Directors & Officers by : Jennifer Francis
Download or read book Securities Litigation Against Auditors and Directors & Officers written by Jennifer Francis and published by . This book was released on 1995 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Shareholder Litigation Against Auditors and Directors & Officers by : Jennifer Francis
Download or read book Shareholder Litigation Against Auditors and Directors & Officers written by Jennifer Francis and published by . This book was released on 1995 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Accountants’ Negligence and Liability by : Simon Salzedo KC
Download or read book Accountants’ Negligence and Liability written by Simon Salzedo KC and published by Bloomsbury Publishing. This book was released on 2021-03-26 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth practical work covering all the main areas of accountants' legal liabilities in negligence claims, including audit liabilities to clients and others, tax and insolvency work and conflicts of interest. It covers accountants' negligence in relation to claims against accountants acting for corporations as well as accountants acting for individuals. The second edition focusses on the difficult legal issues surrounding the liability of accountants in negligence claims. It covers statutory and non-statutory audits, tax advice, specified procedures reporting, due diligence reports and corporate finance reporting. It looks at the scope of losses for which the accountant may be liable with detailed reference to case law as well as money laundering and regulatory issues. Limitation and contributory fault are considered with special reference to accountants' cases. The following important developments and case law are included: - The material covering the application of the SAAMCO/scope of duty principle has been substantially revised following the clarification of the SAAMCO principle of scope of duty by the Supreme Court in BPE Solicitors & Anor v Hughes-Holland [2017] UKSC 21, [2018] AC 599 and the Court of Appeal in the accountants' case of Manchester Building Society v Grant Thornton UK LLP [2019] EWCA Civ 40, [2019] 1 WLR 4610 - AssetCo v Grant Thornton [2019] EWHC 150 (Comm), [2019] Bus LR 2291 in which the first edition of this book was cited several times, an auditor was held liable for trading losses caused by management fraud and the Court of Appeal at [2021] PNLR 1 considered the application of the scope of duty principle to a general audit case and the question of credit for the receipt by the company of new capital - The difficult question of the application of the scope of duty principle to dividends, discussed by the High Court in BTI v PricewaterhouseCoopers [2020] PNLR 7 and the Court of Appeal in AssetCo v Grant Thornton - Lowick Rose LLP v Swynson Ltd & Anor [2017] UKSC 32 on avoided loss - Developments in the application of rules of contributory fault to accountants in the light of the trial judgments on this issue in Manchester Building Society v Grant Thornton and AssetCo v Grant Thornton - The effect of the Supreme Court's decision in Singularis Holdings v Daiwa Capital Markets [2020] AC 1189 on auditor's counterclaims and the illegality defence - The controversial High Court decision on accountants' conflicts of interest in Harlequin Property v Wilkins Kennedy [2017] 4 WLR 30 - Pre-action disclosure against auditors following the decision in Carillion Plc v KPMG LLP [2020] EWHC 1416 (Comm) - First Tower Trustees v CDS (Superstores) [2019] 1 WLR with important implications for the application of UCTA to disclaimers of liability - Halsall v Champion Consulting [2017] PNLR 32 where extended limitation under s14A was considered in the context of tax schemes and a tax adviser's contractual time bar was construed - Evans v PricewaterhouseCoopers [2019] EWHC 1505 (Ch) on the date when the cause of action for tax advice was considered in detail - Developments in the law of privilege in relation to investigations of auditors including Sports Direct v Financial Reporting Council [2020] EWCA Civ 177, [2020] 2 WLR 1256 - Substantial revisions to the Code of Ethics, disciplinary bye-laws, and the FRC's rules and schemes
Book Synopsis Lawsuits Against Auditors by : Thomas Lys
Download or read book Lawsuits Against Auditors written by Thomas Lys and published by . This book was released on 1992 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Auditor Litigation Risk and the Number of Institutional Investors by : Cory A. Cassell
Download or read book Auditor Litigation Risk and the Number of Institutional Investors written by Cory A. Cassell and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether auditors are sensitive to litigation risk related specifically to having greater numbers of institutional investors that hold the common stock of a given client. Our findings suggest that audit fees are higher when the number of institutional investors holding stock in the company is greater. Additional tests corroborate our inference that the association between audit fees and the number of institutional investors is related to litigation risk. The importance of improving our understanding of auditors' sensitivity to factors that increase litigation exposure is highlighted by the number and magnitude of lawsuits filed against auditors relating to the audits of public clients.
