Accounting & Auditing Standards

The vast majority of financial statements are properly prepared and fairly present an entity’s financial results. Similarly, the vast majority of audits conducted by CPAs comply with the professional standards that apply to their conduct.

However, when assertions of error in financial statements are made, or when the conduct of professionals is challenged, it is imperative that those assertions and challenges be evaluated by competent professionals who will call it as they see it. That competency and integrity define the practice and professionals of Veris.

We have provided expert analysis and testimony involving a variety of financial reporting and accounting matters, including the appropriateness of accounting for loss reserves, asset impairments, business combinations, GAAP and statutory accounting for insurance enterprises, related party matters and financial statement disclosures.

We have given expert testimony in defense of the presentation of financial statements and in defense of auditor compliance with relevant professional standards. In other circumstances, we have provided expert analysis and testimony showing that previously issued financial statements had been materially misstated and that auditors had failed to discharge their responsibilities under accepted auditing standards.

Many of our engagements involved highly publicized accounting and financial reporting scandals. In particular, we have provided expert opinions regarding:

• the historical development of accounting and disclosure requirements in the use of so-called Special Purpose Entities (SPEs)
• the conditions governing the recognition of revenue, including issues of software sales and the determination of reasonable assurance of collectibility
• the historical evolution and application of the accounting principles dealing with risk transfer in reinsurance arrangements

Offering expert services both for and against financial statement preparers and independent auditors requires careful study and evaluation of the facts, circumstances and merits of each case and a dedication to uncompromising integrity. We will not permit ourselves to be labeled or associated as plaintiff experts or defendant experts; we will remain true to our commitment to call it as we see it. The ongoing referrals we have received demonstrate our commitment to these requisites.