American Institute of CPAs

Current and former senior members of the U.S. Securities and Exchange Commission's Enforcement Division will discuss recent SEC enforcement actions with a focus on matters involving financial reporting, digital assets and gatekeepers. In addition, the panel will discuss their views on the roles of forensic accountants in both the government and private sectors.

Learning Objectives:

Analyze regulatory enforcement
Identify digital assets

Speaker(s):

Matthew Jacques, CPA, Managing Director, AlixPartners
Kristina Littman, Partner, Willkie Farr & Gallagher, LLP
Jason Burt, Associate Regional Director of Enforcement, Securities & Exchange Commission

Tags:

Forensic

Opening Remarks | Chairs' Welcome & Introductions | Cost of Capital Ramifications of the Russia-Ukraine War and Global Inflationary Pressures

Nov 14, 2022 8:00am ‐ Nov 14, 2022 9:25am

Identification: FVC2201

Global inflationary pressures in the post-pandemic recovery have forced major central banks to raise interest rates. Russia’s invasion of Ukraine and the protracted war in the region have added further pressure to global agricultural and other commodity prices. Both events have led to progressively weaker growth forecasts for the U.S. and other economies. This session will discuss how these events have impacted cost of capital assumptions and how valuations may be impacted as a result.

Learning Objectives:

Analyze the impact of fiscal policy on real GDP growth during the COVID-19 pandemic and subsequent recovery, as well as how it affected inflationary pressures
Determine the impact of major central banks’ monetary policies on safe-haven government bond yields and the current rising interest rate environment
Evaluate the impact of the Russia-Ukraine on global inflationary pressures
Identify industries most impacted by the pandemic and from the more recent inflationary pressures
Calculate the adjustments that may be needed for projected growth in cash flows and discount rates

Speaker(s):

Carla S. Nunes, CFA, ABV, Managing Director, Kroll
James P. Harrington, Director, Kroll

Tags:

Valuation

Gear Up for Forensic Success!

Nov 14, 2022 9:50am ‐ Nov 14, 2022 11:05am

Identification: FVC2203

No two litigation or forensic accounting engagements are the same. They often have multiple parties, varied allegations, possible counter-claims and a number of different financial issues. Having a methodical approach and well-structured organization will make it easier for you and your staff to quickly locate key records and maintain consistency across case files. Ultimately, you will be better-prepared for communication with your team and the clients, as well as the final reporting and testimony.

Learning Objectives:

Recall how to create an efficient structure for organizing key elements of each case.
Identify how to successfully plan and perform each phase of the engagement, from acceptance to completion.
Recognize effective communication with internal and external resources throughout the engagement.

Speaker(s):

Annette Stalker, CPA, CFF, CFE, Principal, Stalker Forensics
Jolene Fraser, CPA, CFF, CFE, Managing Director, Eisner Advisory Group LLC

Tags:

Forensic

Annual Damages Case Law Update

Nov 14, 2022 9:50am ‐ Nov 14, 2022 11:05am

Identification: FVC2204

The presentation will cover highlights from this year's Annual Damages Case Law Update, along with an overview of the growing repository of case law briefs being accumulated for AICPA FVS members. The case law update will focus on expert admissibility and cover a mix of commercial damages and intellectual property cases.

Learning Objectives:

Apply case law in different areas of economic damages
Analyze recent trends in case law and impact on FVS professionals’ approaches to quantifying economic damages

Speaker(s):

Alexander Walther, CPA/CFF, CFE, Senior Vice President, The BVA Group
Jeffrey Press, CPA, CFF, Director, Stout

Tags:

Forensic

Personal vs Enterprise Goodwill: How the Analysis Lies Within the Facts

Nov 14, 2022 9:50am ‐ Nov 14, 2022 11:05am

Identification: FVC2205

We've been taught case law and the methodologies, but, what about addressing how matters vary so, so much from one to the other? How is case law relevant when it is not comparable? Practical approaches and best practices.

Learning Objectives:

Identify examples of varying underlying facts and circumstances and how these impact the analysis of enterprise vs. personal goodwill
Analyze case law in a handful of states and examine how it may or may not be comparable to varying matters

Speaker(s):

Karolina Calhoun, CPA, ABV, CFF, Vice President, Mercer Capital
Audra Moncur, CPA, ABV, Partner, Wipfli, LLP

Tags:

Valuation

Forensic and Valuation Experts in a Shareholder Dispute: How Two Experts Look at the Same Data Differently

Nov 14, 2022 9:50am ‐ Nov 14, 2022 11:05am

Identification: FVC2206

Litigation matters often have a need for multiple experts with varying skillsets and expertise. These experts are often relying on the same data and information but viewing it from a different perspective. There is often a need for experts to rely on each other’s testimony as well. This session will explore how two experts look at the same data differently as well as exploring the risks of varying assumptions and reliance on another expert’s work.

Learning Objectives:

Identify key issues that may be interpreted differently and how to recognize and reconcile the different positions.
Assess the key drivers of opinion differences and evaluate the impact on expert opinion conclusions and positions of counsel.

Speaker(s):

Hubert Klein, CPA, ABV, CFF, CGMA, CVA, CFE, Partner, Eisner Advisory Group, LLC
Brett Axelrod, Partner, Fox Rothschild

Tags:

Both

Is Reasonable Compensation Really Reasonable?

Nov 14, 2022 9:50am ‐ Nov 14, 2022 11:05am

Identification: FVC2207

Discussion to include: (1) When to adjust for reasonable compensation, (2) Double dip issues, (3) Sources for reasonable comp, and how to use appropriately, (4) Discussion of whether BV experts are qualified to opine to reasonable comp

Learning Objectives:

Analyze circumstances where it is appropriate or inappropriate to make a reasonable compensation adjustment.
Differentiate between compensation for services and return on investment
Distinguish between sources of compensation data for select industries or businesses
Determine if you are qualified to opine on reasonable compensation

Speaker(s):

Neil J. Beaton, CPA/ABV/CFF, CFA, ASA, Managing Director, A&M
Jessica Landay, ASA, ABV, CVA, MAFF, Partner, Harper Hofer & Associates, LLC

Tags:

Valuation

Post-acquisition Clean-up: Reps & Warranty Claims to Fraud Litigation

Nov 14, 2022 11:30am ‐ Nov 14, 2022 12:45pm

Identification: FVC2209

With the proliferation in M&A activity, it is critical that forensic accountants have an understanding of deal-specific representations and warranties, and how those concepts work in practice. Attendees will develop an understanding of how forensic accountants can assist buyers, sellers, and insurers navigate the considerations and practicalities of working through breaches of representations and warranties. This session will explore the conceptual framework of representations and warranties, emphasize the most common financial and accounting areas of concern, discuss the impact of representation and warranty insurance products, and identify additional actions (e.g., fraud claims) that often accompany an R&W claim.

Learning Objectives:

Identify what representations and warranties (R&W) are in the context of a merger or acquisition
Analyze the function of R&W Insurance (RWI) and what it does and does not do
Determine how forensic accountants can assist insured (i.e., buyer) or insurer in RWI claims and beyond into litigation
Identify and discuss the most common financial and accounting related representations and warranties

Speaker(s):

Travis Armstrong, CPA, CFF, Partner, Hemming Morse, LLP
Meryl Macklin, Partner, Bryan Cave Leighton Paisner
John Tira, CPA, CFF, CFE, Senior Managing Director, Green Flash Forensics

Tags:

Forensic

Complex Business Asset Tracing – Separate or Marital PLUS Active or Passive

Nov 14, 2022 11:30am ‐ Nov 14, 2022 12:45pm

Identification: FVC2211

Divorce, or other litigation - implied in title but a complex topic to address the source of funds and the analysis for active or passive based on multi-entity ownership including related party and GP/LP ownerships

Learning Objectives:

Assess types of engagements that may require asset tracing and nuances by engagement type
Contrast between primary and secondary source documents
Categorize accountant and attorney roles
Formulate analysis and conclusions to identify potential weaknesses

Speaker(s):

Josh Shilts, CPA/ABV/CFF/CGMA, CFE, President, Shilts CPA
Stefanie Jedra, CPA, AM, CFE, Director, Marcum LLP

Tags:

Both

Valuation Court Cases: New Cases and Historical Cases Impacting Valuations Today

Nov 14, 2022 11:30am ‐ Nov 14, 2022 12:45pm

Identification: FVC2210

In litigation, the decisions in court cases create precedence for future court cases. Keeping up to date on current court decisions and the background can help you prepare your valuation for court and support it in testimony.

Learning Objectives:

Identify updates on recent court cases that affect valuations
Analyze how recent court cases interpret valuation theory

Speaker(s):

Natalya S. Abdrasilova, CPA/ABV, MAFF, CVA, Director of Valuation & Litigation Services, Boyle, Deveny & Meyer PC
David E. Consigli, CPA, ABV, CDFA, Partner, FAZCPAs