Preparing for and Defending Accounting Liability Litigation (Portfolio 5500)
This Portfolio focuses on accountant liability and provides information and insight to help accountants understand the intricacies of litigation that they could potentially face.
Bloomberg Tax Portfolio 5500, Preparing for and Defending Accounting Liability Litigation, focuses on accountant liability and provides information and insight to help accountants understand the intricacies of litigation that they could potentially face. The portfolio is particularly timely in light of the continued attention on corporate responsibility and the role accounting firms played in the high-profile demises of numerous publicly-held corporate giants.
This Portfolio begins by helping accountants to think through the precise nature of the accountant-client relationship and to ensure that the accountant-client relationship is not only accurately defined in an engagement letter, but also redefined in writing as the nature of the relationship evolves.
The authors explain the myriad of claims that can be filed against accountants, including professional negligence, misrepresentation, breach of contract, RICO, unfair trade practices, civil conspiracy, breach of fiduciary duty, and securities fraud. The Portfolio addresses document retention policies and procedures to help accountants satisfy their obligation to preserve records and manage information, in both electronic and paper form, when litigation is pending and/or likely.
The Portfolio then guides accountants through each step of a lawsuit, from the filing of a complaint and other pleadings, to discovery, witness preparation, retention of experts, trial preparation, and settlement. In this discussion, the Portfolio analyzes defensive strategies that are available to accountants at each stage of the litigation.
Please note that the Portfolio is intended for general informational purposes only. It is not intended to be and should not be considered legal advice or a substitute for obtaining legal advice from independent, legal counsel. Publication of this information is not intended to create, and receipt does not constitute, an attorney-client relationship.
This Portfolio may be cited as Bloomberg Tax Portfolio 5500, Braver, Krock, Davidson & Glad, Preparing for and Defending Accounting Liability Litigation (Accounting Policy and Practice Series). Within the Accounting Portfolio Series, however, references to the Portfolios will include only the Portfolio numbers and titles.
Table of Contents
II. Types of Services Performed by Accountants
III. Defining the Accountant-Client Relationship
IV. Overview of the Litigation Process
V. Claims Brought Against Accountants by Clients
VI. Claims Brought by Persons and Organizations Other Than Clients
VII. Actions Filed by Plaintiffs in Representative Capacity
VIII. Defensive Strategies Available to Accountants
IX. Document Retention Policies and the Duty to Preserve Documents
X. Separation of Issues and Claims
XII. The Art of Preparing Witnesses
XIII. Preparing for Trial
XIV. Using Experts
XV. Settlement Issues
Buchanan Ingersoll & Rooney
Associate General Counsel
Movado Group, Inc
Grant Thornton, LLP