FSG’s accounting practice includes practicing CPAs, many of whom have held partnership and leadership positions at large, public accounting firms, as well as prominent accounting professors at top-tier business schools. Each of our accounting experts is highly experienced in applying their accounting knowledge and acumen in different settings, including disputes and investigations. They have opined on matters ranging from compliance with professional standards to financial analyses, to the theoretical constructs underpinning GAAP and GAAS proclamations. Our accounting experts have advised counsel on issues pertaining to financial reporting and disclosure issues, technical accounting issues, and damages. Certain of our professionals have worked on high-profile investigations related to alleged failed audits and fraud. Whether you seek a “hands-on” practitioner or an academic well-versed in accounting research, our professionals are well qualified to meet your expert needs in the field of accounting.
Accounting malpractice claims typically involve highly technical and complex accounting and auditing rules and principles. To effectively analyze these claims, one must have not only in-depth knowledge of the specific rules and principles at issue, but also the professional experience to understand how these rules and principles should be applied in practice. FSG’s accounting practice area includes professionals with years of experience at major accounting firms, and senior faculty at top-tier universities around the country. Our blending of practical experience and thought leadership provides clients with unusually nuanced expertise for any case involving malpractice claims.
FSG accounting experts understand financial statements and the interrelationships within and between them. Our strength lies in our ability to cut through the “noise” that sometimes clouds financial statements and confounds accounting analysis, and in our ability to effectively interpret and communicate the results of complex accounting analyses. Together, these skills enable our accounting experts to form and advance well-supported, accurate, and objective opinions.
Litigation often involves a number of different damages claims, such as lost profits, unjust enrichment, and diminution of business value, to name just a few. FSG’s experts are adept at identifying and implementing methods of analyzing damages that are appropriate to specific facts and issues of any given case. Additionally, we have extensive experience analyzing and assessing the methods and assumptions used by other experts. This experience enables us to identify quickly any theoretical or mathematical flaws embedded in an opposing expert’s work, as well as inconsistencies with proper and accepted practices. Whether you need an objective affirmative assessment of damages or a detailed analysis of an opposing expert’s computations, you can rely on FSG’s experts to quantify the true economic impact of any litigated event.
Corporate Reporting Issues
Many business disputes have their genesis in financial reporting and disclosure decisions. Applicable rules and principals are becoming increasingly complex, with a growing focus on form over function, multiple standard-setting authorities, and increasing application of judgment. More and more frequently, questions about the reasonableness and appropriateness of disclosures lead to disputes and litigation. FSG’s accounting experts are recognized authorities on GAAP and GAAS, with extensive industry experience and service to the profession, including participation on standard setting and other professional committees. Our experts use their knowledge and experience to understand the circumstances under which reporting decisions are made and as the basis for independent, sound, and well-supported opinions.
Ethical standards for professionals are often subjective and require interpretation. FSG’s experts have a thorough understanding of ethical guidelines and others standards of care for CPA’s, as well as other licensed professionals such as CFA’s, ASA’s and CFE’s. Our experts have dealt with these issues in senior leadership positions at the big 4 accounting firms, as members of various standard setting bodies and as members of corporate boards.
Fair Value Analysis
The adoption of fair value accounting in the US and internationally has introduced an additional element of uncertainty in corporate financial statements. The most recent manifestation of these challenges is the subprime debt crisis, which stressed financial markets and has made it extremely difficult for companies to value certain financial assets. FSG’s professionals (in multiple practice areas) have particularly deep expertise in analyzing and performing fair value assessments, even in the most complex environments. We usually employ multiple, sophisticated approaches in any such analysis, while remaining mindful of the need to effectively communicate our results to triers-of-fact.
FSG’s professionals are skilled at evaluating and performing a host of different kinds of financial analyses, including ones involving profitability, liquidity, solvency, and stability of a business enterprise or operating unit, among others. We have worked with clients in a number of high-profile cases that required the application of complex financial concepts to extraordinarily large data sets. As always, we support our opinions with sound analyses that are grounded in case facts, and strive to communicate our results and opinions clearly and effectively.
FSG accounting experts have assisted a number of companies with SEC investigations and with uncovering and pursuing internal and external fraud. FSG professionals collectively have had years of experience auditing corporate financial statements, analyzing internal controls, and assessing financial information systems. We are skilled at uncovering fraud and tracing the movement of funds through various bank accounts. Often, we can recommend controls to improve the reliability of our clients’ financial systems. In addition to being CPA’s, many of our accounting professionals have enhanced their qualifications with certifications such as Certified Fraud Examiner (CFE) and Certified in Financial Forensics (CFF).
FSG accounting experts have helped lawyers and companies pursue and defend directors, officers, and senior executives in disputes involving alleged accounting improprieties and audit malpractice. In addition to being CPA’s, a number of our professionals are Certified Fraud Examiners and are certified in Financial Forensics.
Over the past decade, accounting frauds have roiled the financial markets and have spurred massive amounts of corporate, shareholder and class action litigation. As a result, it has become increasingly clear that firms should take a proactive approach to fraud prevention. FSG has accounting experts, Certified Fraud Examiners, and finance professionals who can devise strategies and implement internal controls to help corporations protect against fraud and ensure proper financial security.
Solvency analysis is often critical in preference and avoidance actions in a bankruptcy. In addition to being familiar with the accounting principles and financial statements, FSG’s experts are adept at interpreting the results of various analyses to form well supported opinions. Our experts have successfully presented solvency opinions in bankruptcy courts throughout the country. Additionally, our experts have also provided solvency opinions to the boards and management teams of companies involved in leveraged transactions.
FSG’s experts have assisted lawyers and clients in a wide variety of tax related disputes, ranging from the tax implications of complex structured transactions to estate tax valuations and transfer pricing. In addition to our knowledge of the tax laws, we are familiar with precedents set in tax courts and prepare our opinions to comply with these precedents. As always, our testimony is presented clearly and concisely, in a manner that would allow those not familiar with tax law to fully understand the issues at hand.