The work performed by accountants often comes under scrutiny. For example, financial institutions may question whether a CPA adequately followed professional standards in an audit where significant loan losses were experienced, or a class of shareholders may challenge whether a company’s external accounting firm followed professional standards if the company had restated its financial results, or a regulator may query whether a CPA acquired sufficient audit evidence in performance of services for a client. The Hemming Morse team has significant expertise and experience performing accounting services such as these, which enables us to objectively and critically evaluate any claims related to such services. Our clients benefit from the investigative expertise of a staff of seasoned professionals to conduct appropriate investigations, analyze issues, report findings, consult with counsel, and testify in both civil and criminal proceedings, if necessary.
Our professional services include:
- Accountants’ professional liability-related investigations and consulting involving questions of compliance with Generally Accepted Auditing Standards (“GAAS”) established by the American Institute of Certified Public Accountants (“AICPA”), Public Company Accounting Oversight Board (“PCAOB”) Auditing Standards, and Generally Accepted Accounting Principles (“GAAP”)
- Bankruptcy-related investigations, including those involving questions of accountants’ professional liability, solvency, and/or alleged fraudulent conveyances
- Calculations requiring the application of GAAP or other financial reporting frameworks arising from business disputes, including merger or employment-related allegations
- Complex GAAP and International Financial Reporting Standards (“IFRS”) accounting consultations
- Monitoring and related evaluation of internal controls
- Shareholder-related investigations involving questions of corporate compliance with GAAP, IFRS, and internal control over financial reporting (“IFRC”) required under the Sarbanes-Oxley Act of 2002 (“SOX”), including expert consulting in connection with securities class actions and other claims
- Testimony at trial or other proceedings, including development of schedules and graphics to clearly communicate complex issues
We provide an objective and knowledgeable assessment of applied professional standards, fortifying our opinions and conclusions with extensive research, data and investigation, our experts’ experience, and diverse resources across the firm. Due to its experience and expertise in forensic accounting matters such as those described below, Hemming professionals have evaluated financial reporting and the independent financial statement audits of publicly traded and privately held companies across various industries, including aerospace, biotechnology, energy, financial services, retail, manufacturing, oil and gas, pharmaceutical, and technology businesses.
Accountants' Professional Liability - Evaluating Claims Against An Auditor
Investigation of Claims Against External Auditor by Special Litigation Committee
Accountants' Professional Liability - Claims Against Auditor
Hemming Morse has been engaged by several different regulators, including the SEC, FDIC, and PCAOB, to evaluate adherence with professional auditing and/or accounting services standards. In connection with these services, the Hemming team has provided expert consulting services in connection with several areas of GAAP, including accounting for loans, investments, inventory, fixed assets, and revenue recognition.