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Examiner Fingers Lehman’s Management And Outside Auditor For Serious Accounting Misreporting

March 2010  Lehman Brothers is the largest bankruptcy in U.S. history. A report by a U.S. bankruptcy examiner investigating the collapse of Lehman Brothers blames senior executives and auditor Ernst & Young for serious accounting misreporting. At approximately 2200 pages, the report is exceptionally detailed. It describes how Lehman manipulated its balance sheet, inflated the [...]

Commercial Damages, New Litigation|

Toxic Drywall Claims Could Be Next Large Wave Of Construction Litigation

May 2009 The newest phase of "sick house" litigation appears to be here. Drywall imported from China is releasing sulfur compounds that provide a rotten egg smell, and causes corrosion to copper used in plumbing and air conditioning tubing, electrical wiring, bathroom and kitchen faucets, appliances, and other metal products. Health hazards are also being [...]

Commercial Damages, New Litigation|

Huge Fraud In Chinese Stocks

June 2011 Investors in Chinese companies have depended upon outside auditors, institutional investors, and global investment banks as substantiation for the notion that their financial reporting is trustworthy. Recently, that trust has been seriously shaken as dozens of Chinese companies have withdrawn financial statements, faced auditor resignations, failed to timely produce current financial statements, and/or [...]

Commercial Damages, New Litigation|

New Accountant Ethic Proposals Affect Use Of Your Client’s Outside Accountant, And Their Liability Under Malpractice Claims

September 2006 In September 2006, the American Institute of Certified Public Accountants (AICPA) issued proposed new ethics rulings.  Because these are reissued proposals that incorporate comments from a prior proposal, the newly-issued guidelines are likely to be finalized without further major revision. Under Article 9, Section 65 of the California Board of Accountancy Regulations, all [...]

Commercial Damages, New Litigation|