accountants’ liability 2017 american law institute issues in accountant litigation • trends in...

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Accountants’ Liability 2017

THURSDAY ‑ FRIDAYOCTOBER 26 ‑ 27, 2017CAPITAL HILTONWASHINGTON, DC

American Law InstituteC O N T I N U I N G L E G A L E D U C A T I O N

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Emerging Challenges Facing the Profession

REGISTER BY SEPTEMBER 15 AND

SAVE $200*

OR ADDITIONAL REGISTRANTS

SAVE 50%* S E E B A C K F O RD E TA I L S

M O R N I N G S E S S I O N

Current Developments

• Update on current regulatory, litigation, and business trends affecting the accounting profession

Keynote Address

Independence Issues – The Regulators Speak

• PCAOB and SEC standards for independence as a critical element of auditing and reporting

The PCAOB Inspection Program: From the Mouths of Regulators

• PCAOB’s top regulators discuss hot trends, best practices and pitfalls when going through the PCAOB inpsection and comment process

Auditing and Accounting Issues and Substantive Defense Strategies in SEC and PCAOB Proceedings

• Practitioners and SEC and PCAOB representatives address key substantive accounting and auditing issues likely to dominate enforcement proceedings, initiatives, and investigations this year

A F T E R N O O N S E S S I O N

Great and Not So Great Moments in Litigation

• Seasoned plaintiffs’ attorneys and defense counsel offer practical advice on litigating an accountants’ liability case

Alternative Dispute Resolution: Strategies for Meaningful Engagements

• Efficiently and effectively using arbitration and mediation tools in dispute resolution

Independence Issues as Experienced From the Inside

• Inside and outside counsel share best practices for identifying and addressing hard to detect, challenging independence issues

Major GAAP and GAAS Issues and the Difficulties They Present

• Hot topics arising in professional practice from GAAP and GAAS addressed from the perspective of experts

P R O G R A MJohn H. EickemeyerVedder Price P.C., New York

Veronica E. CallahanArnold & Porter Kaye Scholer LLP,New York

Planning Chairs (also on faculty)

“Really enjoyed the counseldiscussions about cases

and experiences.”

This course is the annual event for accountants, their advisers, and those who regulate them. Join us to hear a nationally recognized faculty of practitioners, general counsel, industry professionals, and SEC and PCAOB officials address critical practice issues, changing laws, principles, liabilities, and attitudes shaping the field of accountants’ liability today.

“Extremely substantial – this is REAL CLE. People with knowledge and experience conveying necessary and helpful information”

— past attendee

G o t o w w w . a l i - c l e . o r g / C Z 0 0 8t o r e g i s t e r o n l i n e o r f o r m o r e i n f o r m a t i o n a b o u t

t h e p r o g r a m , h o t e l a c c o m m o d a t i o n s ,s t u d y m a t e r i a l s , a n d C L E / C P E c r e d i t .

P R O G R A M D E T A I L S

T hu r s d ay | O c tob er 2 6 , 2 0 1 7

For a full list of faculty members please refer to www.ali‑cle.org/CZ008


The PCAOB’s Perspective

• PCAOB director and senior staff address the latest domestic and foreign developments in the PCAOB’s inspection and enforcement efforts

SEC and the Profession

• Update on the latest SEC enforcement initiatives and trends, including activity in the pre-Wells stage and handling increased requests to present “white papers”

Emerging Issues in Accountant Litigation

• Trends in litigation, including the changing nature of the accounting issues at the center of litigation

Proactive Liability Prevention and Mitigation

• Proactive liability prevention and mitigation tools, including best practices to keep a client relationship from falling into crisis as a situation unfolds

In-House Counsel Speak

• National and regional in-house counsel share perspectives on legal issues they address on a daily basis


Whistleblowers and the Implications for Accounting Firms

• Status of the SEC’s whistleblower program, impact on auditors and their clients, and dangers presented by these volatile situations

Effectively Assessing Potential Damages in Accounting Matters

• Empirical data on damages and settlements in the accounting arena, and the decisions involved when assessing damages and settlement opportunities

Emerging Ethical Issues

• Evolving ethical issues in advising accounting firm clients on ESI, document retention, discovery compliance, and information requests, as well as confidentiality

Fr i d ay | O c tob er 2 7 , 2 0 1 7

S P E C I A L O F F E R F O R A C C O U N T A N T S *

American Law Institute CLE off ers 20 complementary registrations to accounting professionals who have not previously attended this course. These registrations will be fi lled on a fi rst‑come basis and will be limited

to two per company/fi rm. Interested attendees should contact Robert Rushton at rrushton@ali‑cle.org.

Jay ClaytonChairman, U.S. Securities andExchange Commission

Wesley BrickerChief Accountant , U.S. Securitiesand Exchange Commission

Keynote Speakers

Join the Chairman of the SEC and the Chief Accountant as they engage in a fi reside chat regarding the agency’s latest policy initiatives and the priorities and challenges that lie ahead.

SPECIAL KEYNOTE ADDRESS – Thursday, October 26




Keynote Address




















and experiences.”



— past attendee
























Fr i d ay | O c tob er 2 7 , 2 0 1 7






Keynote Speakers






Keynote Address




















and experiences.”



— past attendee
























Fr i d ay | O c tob er 2 7 , 2 0 1 7






Keynote Speakers






Keynote Address




















and experiences.”



— past attendee
























Fr i d ay | O c tob er 2 7 , 2 0 1 7






Keynote Speakers



P R O G R A MG o t o w w w . a l i - c l e . o r g / C Z 0 0 8

t o r e g i s t e r o n l i n e o r f o r m o r e i n f o r m a t i o n a b o u t t h e p r o g r a m , h o t e l a c c o m m o d a t i o n s , s t u d y m a t e r i a l s , a n d C L E / C P E c r e d i t .

October 26, 2017 7:30 AM Registration and

Continental Breakfast

8:25 AM Welcome and Announcements – ALI CLE Staff

8:30 AM Current Developments and Course Overview

9:00 AM Keynote Address

9:45 AM Independence Issues — The Regulators Speak

Financial reporting is key to the efficient and effective operation of capital markets. A critical element of reporting is audit quality, and auditor independence is the foundation upon which a quality audit stands. This session explores the areas of highest risk, strategies for dealing with the discovery of independence issues and preventive strategies, with a focus on PCAOB and SEC standards for independence. The implications of recent SEC and PCAOB enforcement actions in a variety of contexts are also discussed.

10:30 AM Networking and Refreshment Break

10:45 AM The PCAOB Inspection Program: From the Mouths of the Regulators

The PCAOB’s top regulators discuss the PCAOB inspection program, hot trends emerging from recent inspections, best practices when going through an inspection and comment process, and things to be avoided at all costs.

11:45 AM Auditing and Accounting Issues and Substantive Defense Strategies in SEC and PCAOB Proceedings

Representing an accountant and understanding the regulator’s focus in a SEC or PCAOB investigation require two very different sets of skills and tactics than in private litigation, because the adversary can also be the judge and jury. In this session, practitioners and SEC and PCAOB personnel discuss key substantive accounting and auditing issues likely to dominate enforcement proceedings, initiatives, and investigations this year. The panel also analyzes effective defense and negotiation strategies, as well as trial considerations.

12:45 PM Networking Lunch (provided by ALI CLE)

1:45 PM Great and Not So Great Moments in Litigation

Drawing from recent cases such as MF Global and Colonial, a panel composed of seasoned plaintiffs’ attorneys and defense counsel offer practical advice on litigating an accountants’ liability case, and what actual experience has proven to be effective and not so much.

2:45 PM Networking and Refreshment Break

3:00 PM Alternative Dispute Resolution: Strategies for Meaningful Engagements

Arbitration and mediation can be highly useful processes if done efficiently and effectively. This session addresses issues and strategies for both dispute resolution tools. Arbitration issues include arbitration provisions, limited discovery, strategies for selecting panel members and ideal panel composition, as well as recommendations for preparing your client for proceedings.

4:00 PM Independence Issues As Experienced From the Inside

Independence issues are hard to detect, challenging to prevent and ever present. Hear from a panel of external and internal counsel about best practices in identifying and addressing independence issues stemming from personal relationships, T&E, the performance of non-audit services and international affiliations and networks.

4:45 PM Major GAAP and GAAS Issues and the Difficulties They Present

A panel of experts and practitioners discuss the “hot” issues arising in professional practice from GAAP and GAAS perspectives. Hear the challenges such issues present, and best practices in addressing them proactively.

5:30 PM Adjournment for the Day

October 27, 2017 7:30 AM Networking Session and

Continental Breakfast

8:00 AM The PCAOB’s Perspective

In this informative session, PCAOB director and other staff address the latest developments in the PCAOB’s inspection and enforcement efforts with respect to both domestic and foreign audits and auditors.

9:00 AM SEC and the Profession

The establishment of the Financial Reporting and Audit Group signaled a renewed interest in accounting matters. This session examines current enforcement initiatives and trends, including activity in the pre-Wells stage, handling increased requests to present “white papers,” and dealing with these issues strategically.

10:00 AM Networking and Refreshment Break

10:15 AM Emerging Issues in Accountant Litigation

Litigation involving accounting issues has been on the rise. For example, in 2016 accounting class action filings rose to their highest level since 2008, driven by an unprecedented number of

(cont’d.)

federal filings involving merger and acquisition transactions that included accounting allegations. This panel will explore trends in litigation, the changing nature of the accounting issues at the center of that litigation, and approaches and strategies to effectively address those issues.

11:00 AM Proactive Liability Prevention and Mitigation

Hear from seasoned counsel on liability prevention and mitigation tools, ranging from best practices in engagement letters, damages clauses, time limitations, choice of law and ADR provisions. Also hear how to best handle and manage a client relationship that is falling into crisis as a situation unfolds.

11:45 AM In-House Counsel Speak

Client demands, budget constraints, litigation and regulatory scrutiny bring challenges for accounting firms and their in-house counsel. During this session, counsel from national and regional firms, share their perspectives on the key legal issues they address on a daily basis, and on the difficulties of meeting client expectations, while still protecting their firms’ interests.

“Really enjoyed the counsel discussions about cases

and experiences.”


American Law Institute CLE offers 20 complementary registrations to accounting professionals who have not previously attended this course. These registrations will be filled on a first‑come basis and will be limited

to two per company/firm. Interested attendees should contact Robert Rushton at rrushton@ali‑cle.org.

12:30 PM Lunch

1:45 PM Whistleblowers and the Implications for Accounting Firms

The SEC’s whistleblower program continues to be a highly utilized and effective tool, presenting significant challenges for accounting firms. This session reports on the status of the SEC’s program, the manner in which it is impacting auditors and their clients, and the dangers presented by these volatile situations. The panel also offers practical guidance for handling these situations and protocols that firms can put in place to protect themselves, including by bringing to life the highly charged circumstances in which these issues arise and strategies for handling them.

2:30 PM Effectively Assessing Potential Damages in Accounting Matters

Hear empirical data on damages and settlements in the accounting arena, and watch a demonstration on decision tree litigation modeling for damages assessment and effective settlement.

3:15 PM Networking and Refreshment Break

3:30 PM Emerging Ethical Issues

One of the first steps in counseling a client facing litigation or investigation is addressing the client’s ESI. This segment focuses on evolving ethical issues in advising accounting firm clients on document retention, discovery compliance, and information requests, as well as confidentiality. Technology presents formidable challenges to an attorney’s ethical obligations regarding preservation, confidentiality, candor toward the tribunal, and more. This session explores them all!

4:30 PM Adjournment for the Day

HOTEL ACCOMMODATIONS

A limited block of rooms has been reserved at the Capital Hilton. Room rate: $309 per night, single or double occupancy. These rooms will be held as a block, unless exhausted, until October 4, at which time they will be released to the general public. Registrants must make their own hotel reservations and indicate that they attending the ALI CLE program to qualify for rooms in the block.

Room reservations may be made by calling the Capital Hilton, 1001 16th Street NW, Washington, DC 20036; (800) 445-8667. Confirmations will be sent by the hotel. Please read the hotel cancellation policy carefully.

STUDY MATERIALS

Going green in 2017! Course materials will be available in electronic format for download the week before and during the course. Print materials will not be distributed. All registrants are advised to bring laptops or tablets to the course to view the course materials, including updates.

Go to www.ali-cle.org/CZ008 for more info about: Registration/cancellation/requirements for persons with disabilities/scholarships

MANDATORY CLE CREDIT

ALI CLE programs are accredited in all MCLE jurisdictions. Credit in CO is available by reciprocity; credit in ID, LA, and RI is available upon request. For specific information on CLE, CPE, or other professional accreditation in your state, e-mail [email protected], go to http://www.ali-cle.org/mcle, or call 1-800-CLE-NEWS.

NASBA

ALI CLE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For information on ALI CLE’s complaint

and refund policies, call Customer Service at (800) CLE-NEWS. CPE Credit hours for this course: 16.0 in Business. Learning Objectives: Acquisition of knowledge and

skills to develop proficiency as a practitioner; maintenance of professional competence as a practitioner. Suggested Prerequisite: Experience in practice in subject matter. Level of Instruction: Advanced

ADDITIONAL INFORMATION

R E G I S T E R O N L I N Ew w w . a l i - c l e . o r g / C Z 0 0 8

1 - 8 0 0 - C L E - N E W S [ 2 5 3 - 6 3 9 7 ]

13.5 C L E C R E D I T H O U R S , I N C L U D I N G 1.0 H O U R O F E T H I C S

16.0 C P E C R E D I T H O U R S I N B U S I N E S S L A W

accountants’ liability 2017 american law institute issues in accountant litigation • trends in...

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