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Auditor Malpractice: Five Things Litigators Should Know About Generally Accepted Auditing Standards read more Nine Steps to Optimization of the Audit Committee read more GAAP to IFRS read more Two Threats to Sound Accounting by Banks and Thrifts read more The Coming Transition from U.S. GAAP to IFRS: Implications for Attorneys read more Federal Takeover of Financial Reporting Standards read more Litigation Advisors Case Studies read more  Barry Jay Epstein, Ph.D., CPA |
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The Situation:
RNCO Financial Litigation Advisors was retained to value a business pursuant to a divorce. The business involved a series of personal relationships between our client and several of his suppliers and customers.
RNCO’s Contribution:
RNCO had previously been retained in a landmark divorce case with similar issues and had maintained cutting edge skill and knowledge of the legal precedents surrounding the issues. Our RNCO partner fashioned a cogent and supportable argument at trial to protect a portion of the Goodwill value of the business attributable to the client. The judge was persuaded and agreed with our conclusion.
The Result:
The parties’ assets excluded a significant amount of the value that was assigned to the business owner individually (and not to the Marital Estate). Our client achieved an equitable and appropriate settlement in the case.
The Situation:
RNCO Financial Litigation Advisors was retained to assist in the defense of individuals charged in a securities fraud matter where the principal issue was the alleged manipulation of financial reporting. RNCO performed extensive research on the allegations, financial statements, expert reports of the government’s witness and other information in order to understand the particulars of the matter.
RNCO’s Contribution:
Based on hundreds of questions originated by RNCO personnel for use in preparing the defendants for trial, it was apparent that the defendants would not be persuasive witnesses at trial. The attorneys for the defendants looked to RNCO for new trial strategy. Extensive questions were written by RNCO personnel to use in the cross examination of the government’s financial expert. The decision was made to exclude the defendants from testifying and to use RNCO’s expert as the final witness to provide testimony that would exonerate the defendants.
The Result:
The testimony of RNCO’s expert identified inconsistencies in the testimony of the government’s expert and educated the jury on the specifics of otherwise complex financial reporting issues. The jury found all of the defendants not guilty on all counts of the government’s allegations.
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