Download or read book Accounting and Litigation Risk written by Zhiyan Cao and published by . This book was released on 2013 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study whether and how financial reporting concerns are priced by insurers that sell Directors' and Officers' (Damp;O) insurance to public firms. As Damp;O insurers typically assume the liabilities arising from shareholder litigation, the premiums they charge for Damp;O coverage reflect their assessment of a company's litigation risk. Using a sample of public firms in the 2001-2004 Tillinghast Damp;O insurance surveys, we document that firms with lower earnings quality or prior accounting restatements pay higher premiums after controlling for other factors impacting litigation risk. In addition, insurers' concerns about financial reporting are most evident for firms with restatements that are not revenue or expense related, are greater in the period following the passage of the Sarbanes-Oxley Act of 2002, and are greater for firms with financial reporting problems that linger. Our results are consistent with past restatements being viewed as evidence of chronic problems with a firm's financial statements. By analyzing archival data, we can also quantify the effects of other determinants of Damp;O premiums (such as business risk, corporate governance, etc.) identified by Baker and Griffith (2007a) through interviews regarding the Damp;O underwriting process.
Download or read book Do IPOs Face Higher Accounting related Litigation Risk written by Biyu Wu and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Why 10b 5 Litigation Risk is Higher for Technology and Financial Services Firms written by Christopher Llewellyn Jones and published by . This book was released on 1996 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Effects of Insider Trading Seasoned Equity Offerings Corporate Announcements Accounting Restatements and SEC Enforcement Actions on 10b 5 Litigation Risk written by Christopher Llewellyn Jones and published by . This book was released on 1996 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Litigation Services Handbook written by Roman L. Weil and published by . This book was released on 1995-04-24 with total page 952 pages. Available in PDF, EPUB and Kindle. Book excerpt: NO LONGER UPDATED. LAST UPDATE 2000 CUM. SUPPL.
Download or read book Essays on Shareholder Litigation Risk Disclosure and Accounting for Crypto Assets written by Mario Keiling and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Litigation Services Handbook written by Roman L. Weil and published by John Wiley & Sons. This book was released on 2012-07-10 with total page 1022 pages. Available in PDF, EPUB and Kindle. Book excerpt: Here’s all the information you need to provide your clients with superior litigation support services. Get up to speed quickly, with the aid of top experts, on trial preparation and testimony presentation, deposition, direct examination, and cross-examination. Authoritative and highly practical, this is THE essential guide for any financial expert wanting to prosper in this lucrative new area, the lawyers who hire them, and litigants who benefit from their efforts. "This work of amazing breadth and depth covers the central issues that arise in financial expert testimony. It is an essential reference for counsel and practitioners in the field."—Joseph A. Grundfest, The William A. Franke Professor of Law and Business, Stanford Law School; former commissioner, United States Securities and Exchange Commission.
Download or read book Audit Committee Financial Expertise Litigation Risk and Corporate Governance written by Jagan Krishnan and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent debates on audit committee financial expertise have focused on quot;accountingquot; and quot;non-accountingquot; financial experts. A significant proportion of firms do not appoint accounting financial experts (i.e., persons with specialized accounting/auditing experience) to their audit committees. We examine the determinants of firms' choice of the quot;audit committee financial expertsquot;, for a sample of Fortune 1000 firms. We test the relation between the demand for accounting financial experts (AFEs), potential litigation risk, and corporate governance. We find that firms with higher litigation risk are more likely to have AFEs on their audit committee. However, the association between litigation risk and the likelihood of appointing accounting financial experts occurs for firms with relatively strong governance but not for those with weak governance. Thus, our findings indicate that (1) companies with demand for accounting financial experts - measured by potential litigation risk - seem to be able to secure accounting financial experts but (2) such benefits only accrue in the presence of otherwise strong corporate governance.
Download or read book Litigation Risk and Audit Fees written by Paul J. Beck and published by . This book was released on 2013 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using D&O insurance premia from the 2001-2004 Tillinghast D&O insurance surveys as a proxy for litigation risk, we show that audit fees are positively associated with litigation risk even after controlling for several quantitative risk factors known to influence both the insurance premium and audit fee. We attribute this positive association to the parallel development of risk assessment expertise by both D&O insurers and auditors and to their overlapping sources of qualitative risk information. The significant association between D&O premia and audit fees also provides external validation for the auditor's risk assessment process. Finally, we partition accounting firms based on their audit methodologies and find that the audit fees charged by risk-based auditors are more strongly associated with litigation risk than those charged by firms using more traditional audit approaches.
Download or read book Litigation Support Report Writing written by Jack P. Friedman and published by John Wiley & Sons. This book was released on 2015-10-08 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive collection of effective litigation reports on a variety of subjects Accounting, financial, appraisal, and economic experts called upon to provide expert testimony in legal proceedings need reliable models for the critical documents they will submit to the court. Litigation Support Report Writing collects eighteen exemplary reports from a variety of financial topics, providing professionals a comprehensive resource on this vital function. Order your copy today.
Download or read book Litigation Risk and Corporate Financial Communications Policy written by Ning Gong and published by . This book was released on 1997 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Impact of Litigation Risk on Auditor Remuneration written by Lynn Barkess and published by . This book was released on 1995 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Law of Governance Risk Management and Compliance written by Geoffrey P. Miller and published by Aspen Publishing. This book was released on 2019-09-13 with total page 1243 pages. Available in PDF, EPUB and Kindle. Book excerpt: Geoffrey Miller’s The Law of Governance, Risk Management and Compliance is widely credited for introducing a new field of legal studies. Compliance and its related subjects of governance and risk management are major sources of jobs and also important developments in legal practice. The billions of dollars of fines paid over the past decade and the burgeoning and seemingly never-ending parade of compliance and risk management breakdowns – recently including the Wells Fargo sales practices scandal, the Volkswagen emissions cheat, and the Boeing 737 MAX crisis – all attest to the importance of the issues treated in this readable and timely book. New to the Third Edition: Comprehensive updates on recent developments New treatment of compliance failures: Wells Fargo account opening scandal, Volkswagen emissions cheat, important developments in Catholic Church sex abuse scandal. New treatment of risk management failures: the Boeing 737 MAX scandal. Professors and students will benefit from: Clear, concise definitions Fun and interesting problems Real-world perspective from an author who has been involved both as a scholar and as a member of a corporate board of directors Highly readable and interesting writing Text boxes containing key concepts and definitions Realistic problems for class discussion and analysis
Download or read book Litigation Risk and Auditor Resignations written by Jayanthi Krishnan and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Litigation against auditors has increased dramatically in recent years. Auditors can offset litigation risk in a number of ways, including improved audit quality and planning, increases in audit fees and increases in the issuance of modified opinions. Auditors can also adjust their client portfolios by becoming more selective in their choice of new clients and by withdrawing from high-risk engagements. We test the hypothesis that litigation risk motivates auditor resignations by comparing resignation companies with two groups of client companies that dismissed their auditors: one matched with the resignation companies on industry and year, and the other matched on year alone. We find resignation companies differ from dismissal companies along dimensions that capture the probability of litigation: financial distress, variance of abnormal returns, auditor independence, tenure and a modified (particularly going-concern) opinion. We also construct a litigation proxy based on a prior litigation-prediction model and find that the proxy is positively associated with the probability that the auditor will resign rather than be dismissed from the engagement. Our analysis is consistent with concerns expressed by the accounting profession that litigation pressures lead to the withdrawal of audit services for a segment of the market.
Download or read book Why 10b 5 Litigation Risk is Higher for Technology and Financial Services Firms written by Christopher L. Jones and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we analyze why 10b-5 litigation risk was higher for corporations in technology and financial services industries than for companies in other industries between 1989 and 1992. We find that technology firms were more likely to be sued primarily because of characteristics reflected in stock market variables. The estimated proportion of outstanding shares that traded during the previous year explains most of the elevated litigation risk. Contrary to conventional wisdom, the relatively high volatility of stock returns for technology firms explains only a small portion of the greater incidence of litigation in this industry. After controlling for stock market characteristics, membership in a technology industry has little incremental effect on litigation risk. Our stock market variables are unable to explain why financial services companies were more likely than other firms to be sued during this period. In fact, the estimated effect of membership in a financial services industry on litigation risk is larger once we control for these variables.
Download or read book The Effect of Auditor Litigation Risk on Client Access to Bank Debt written by Mahfuz Chy and published by . This book was released on 2020 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: We exploit staggered state-level shocks to third-party auditor legal liability in the U.S. to test whether auditor litigation risk affects client companies' access to private debt markets. We find that an exogenous increase in auditor litigation risk leads to an increase in both clients' likelihood of receiving bank loans and the average amount of the bank loans that clients receive. In support of our proposed mechanism that auditor litigation risk leads to improvements in clients' audit and financial reporting quality, we find that these same shocks lead to a reduction in accruals, an increase in going-concern opinions, a decrease in restatements, and an improvement in accruals' ability to predict future cash flows. We also find that increased auditor litigation risk leads to an increase in the contractibility of clients' accounting numbers, as proxied by the use of debt covenants, and a decrease in the cost of borrowing.
Download or read book Litigation Services Handbook written by Roman L. Weil and published by John Wiley & Sons. This book was released on 2002-02 with total page 1200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Litigation Services Handbook, Fourth Edition is referred to as the litigation bible. Its nearly 50 chapters read like a who's who in law and accounting. The handbook includes all aspects of litigation services, including current environments, the process itself, a wealth of cases, how to prove damages, and practical considerations of court appearances. The new edition has a heavy focus on fraud investigations and complying with Sarbanes-Oxley requirements.
