Magazine article The CPA Journal

Keeping the Wolves from Your Gate

Magazine article The CPA Journal

Keeping the Wolves from Your Gate

Article excerpt

CPA Journal accounting and auditing editor Douglas R. Carmichael led a panel discussion recently on risk management practices for practicing accountants. The Pittsburgh-based law firm Cohen & Grigsby sponsored the discussion. The panelists were Richard Nelson, senior partner of Cohen and Grigsby and Ernest Ten Eyck, managing director of Ten Eyck Associates, both of whom have had considerable experience with accountants' liability and litigation.

The discussion focused on the whistle-blowing requirements of the Securities Litigation Reform Act of 1995, the risk management aspects of the new auditing standard on fraud, SAS No. 82, and good risk management practices in today's litigious environment.

A case study was used to help focus the discussion. The case centered on a new client opportunity in a high-risk entity with time and fee pressures, major transactions occurring near the year-end, and ultimately a president that flew the coup with $3,500,000. Not your typical client, but illustrative of the pressures and trouble CPAs have been known to experience. …

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