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Accounting Materiality: In Fraud or in Fair Weather

Recorded on: Nov. 20, 2015
Running Time: 01:07:34

Full Transcript:



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CPE credit (NASBA QAS Self-Study) is available by completing and passing the program’s CPE Review & Exam.

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When is an error in a financial statement considered material?

Hear from distinct perspectives during this program – from the viewpoint of the accountant, the attorney, and former SEC regulator - on what “materiality” in financial statements means in both good and troubled times. Learn about the legal vs. accounting concept of materiality in financial statements; conducting a SAB 99 analysis; when is there an obligation to issue a restatement? FTI Consulting, Inc. Senior Managing Directors, Matthew B. Greenblatt and Jason S. Flemmons, and Baker& Hostetler LLP White Collar Defense and Corporate Investigations Co-Leader and Partner John J. Carney will discuss materiality concepts and practices in both the accounting and legal settings.

Upon the successful completion of this program, the participant will be able to:

  • Recall the meaning of “materiality” from both an accounting and legal perspective.
  • Recognize the role that “intent” plays with respect to a finding of “materiality.”
  • Recognize some auditing and accounting issues that may be impacted by “materiality.”
  • Recall some legal rulings over the last several years as they relate to a finding of “materiality.”

Course Overview:

  • Defining “materiality”
    •  Examining “materiality” from the legal and accounting perspectives
  • The relevance of “intent”
    •  Examining the role that “intent” and other qualitative factors play in defining materiality
    •  Examining Staff Accounting Bulletin (SAB) 99 and the role it plays in defining materiality
    •  Discussion of “safe harbors.”  Are they any?  Should there be?
  • Accounting Issues
    •  Examining the impact of materiality on accounting professionals and auditors
    •  Examining the impact of fraud in the auditing process
    •  Examining the impact of materiality on restatements and revisions
    •  Assessing materiality using Staff Accounting Bulletin (SAB) 108
  • Real World Scenarios and Case Examples
    •  Parnes v. Gateway 2000, Inc.
    •  Glassman v. Computervision Corp.
    •  In re Westinghouse Sec. Litig.
    •  Karasick v. ProShares Trust (In re Proshares Trust Sec. Litig.)
    •  Matrixx Initiatives v. Siracusano
    •  Basic v. Levinson

CPE Program Level:

Overview

Intended Audience:

For financial and legal professionals who deal regularly with corporate financial statements and financial disclosure, particularly auditors and lawyers.

Prerequisites:

A background in corporate financial statements, reporting, and disclosure.

Advance Preparation:

None

Instructional Method:

QAS Self-Study

Updated:

June 2018

Speaker(s)
John J. Carney ~ Baker & Hostetler LLP
Jason S. Flemmons ~ FTI Consulting, Inc.
Matthew B. Greenblatt ~ Senior Managing Director, FTI Consulting, Inc.
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