Litigation claims are growing across all major professions, including doctors, lawyers, architects, and accountants. This course reviews the business environment’s impact on auditors’ risks and offers tips for assessing a client’s health. It highlights risky transactions lacking economic substance and common pitfalls for accountants, providing strategies to minimize lawsuit risks. Legal issues and specific accounting risks are analyzed to help auditors focus on key areas before and during engagements.

• recognize common criticisms of auditors who do not detect fraud
• pinpoint ratios useful in analysis of key business areas in a volatile business climate
• identify transactions that lack economic substance
  
• pinpoint actions that accountants can take to minimize the risk of being sued
• distinguish factors to consider in whether to enter into or continue a client relationship
• determine privity of contract issues in accountants working on different engagement types
• recognize specific accounting risks (e.g., liquidity risk, receivable collectability risk, etc.)

Practicing CPAs, CFEs, and CMAs both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel