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| Forensic Corner |  |  |
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- "Mini-Madoff" Ponzi schemer Marc Dreier outlines fraud
 In his only television interview, Marc Dreier -- dubbed the "mini-Madoff" after his $400 million dollar Ponzi scheme was dwarfed and pushed out of the news by the one run by Bernard Madoff -- tries to explain to "60 Minutes" where he went so wrong. "I can't remember the moment in which I decided to do something that I knew was wrong," he said. "I had an ambition that I needed to feed. I think I fell into the trap of wanting to be more successful than I was." CBS News
(10/4)
    
- Mafia turns to Medicare fraud
Medicare fraud is posing less risk than drug dealing and other crimes for Mafia members and other violent criminals. "We've seen more people that used to be involved in [dealing] drugs are switching over to health care fraud because it's not as dangerous," Miami FBI spokeswoman Judy Orihuela said. Medicare fraud was once seen exclusively as a white-collar crime. Google/The Associated Press
(10/6)
| Litigation Corner | | |
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- Madoff victims sue SEC for failing to detect Ponzi scheme
A lawsuit by two victims of Bernard L. Madoff's Ponzi scheme accuses the Securities and Exchange Commission of contributing to their financial losses by failing to detect the fraud earlier. "The SEC staff who investigated Madoff from time to time were not crafting policy or making rules" but were instead fulfilling routine obligations, the complaint said. The New York Times/DealBook blog
(10/14)
- Supreme Court to review Skilling's Enron conviction
The Supreme Court said it will hear the appeal of former Enron CEO Jeffrey Skilling. Skilling is trying to overturn his conviction and 24-year prison sentence in the Justice Department's one untarnished conviction in its investigation into the energy giant's collapse. Skilling is challenging the prosecutors' assertion that he failed to provide "honest services" while also arguing he could not have gotten a fair trial in Houston.  ClipSyndicate/Bloomberg
(10/13)
, The Wall Street Journal
(10/14)
| Valuation Corner | | |
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- 5 recent court rulings considered estate and gift taxes
The federal estate and gift tax treatment of transfers of interests in family limited partnerships and limited liability companies to family members were the subject of five recent opinions by federal courts. McGuireWoods outlines the implications of the rulings, including two that address valuations. McGuireWoods.com
(9/29)
| Emerging Trends | | |
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- New AICPA chair sees big changes for accountants
The accounting profession can expect its biggest changes since Depression-era rules were written 75 years ago, an expert says. Accountants will face new rules in everything from taxes to financial reporting as a result of regulatory reform efforts in Washington, according to Robert R. Harris, incoming chairman of the American Institute of Certified Public Accountants. The Tuscaloosa News (Ala.)
(10/2)
- Commentary: Cost of e-discovery grows for big firms
Writing in the New York Law Journal, Michael H. Gruenglas, Robert A. Fumerton and Patrick G. Rideout propose "a simple measure" that would limit abuses of e-discovery while containing costs for firms required to maintain electronic records. They write that the problem "has radically altered the cost/benefit calculus of initiating and defending actions, particularly for large organizations," and that a solution like theirs is needed. Law.com/New York Law Journal
(10/12)
| FVS Community News | | |
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Now available: Introduction to Business Valuation, Self-Study Edition
This course is an introductory business-valuation course for the individual who either knows nothing or very little about business valuation. The purpose is to introduce business-valuation concepts, theory and application. Interwoven into this course is a case-study analysis of a small restaurant to illustrate how an actual valuation is done. The course is offered in a hard-copy format and qualifies for 16 hours of CPE. Learn more online.
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Early-bird registration extended for the AICPA National Business Valuation Conference -- Nov. 15 to 17 in San Francisco
The 2009 AICPA National Business Valuation Conference will be an information-packed, three-day event for you to gain hands-on valuation training that will strengthen your skills, expand your services and improve your strategic direction. Hot topics include forensic accounting and valuation in the litigation engagement, buy-sell agreements, IFRS, using forecasts in business valuation and more. Business-valuation analysts at all levels, CPAs and other senior financial professionals should attend. Register now.
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Informing members about their benefits
The fields of forensic and valuation services are always evolving, and the FVS Section is working to provide you with the most up-to-date and reliable resources to help you compete in today's economy. We would like to know how we can effectively reach out to you, the community, to keep you in the loop as to what resources are available. Please e-mail us with suggestions on how to better communicate with you regarding our FVS member benefits.
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Last chance: Register online for the 2009 ABV Exam
The dates for the 2009 ABV Exam fall between Nov. 9 and Dec. 12. Registration is open and will last through Oct. 31. The cost of the ABV Exam is $400 for new registrants. Learn more about the ABV Exam online or via e-mail. Prepare for the ABV Exam by registering for the ABV Exam Review Course, the only comprehensive program backed by the resources and collective expertise of business-valuation professionals associated with the nation's premier membership organization for CPAs, the AICPA. Register for a convenient date and location, or take advantage of the new, convenient self-study option.
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| AICPA FVS Community Resources |
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| About the FVS Community |
The Forensic and Valuation Services specialty area is designed to provide CPAs with a vast array of resources, tools and information about forensic and valuation services.
The FVS community serves CPAs who hold the Accredited in Business Valuation and Certified in Financial Forensics specialty credentials, members of the FVS Community,
AICPA members and others.
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| About the ABV Credential |
The Accredited in Business Valuation program provides specialized access to information, education, tools and support that enhance credential holders' ability to make a genuine difference for their clients
and employers. ABV credential holders may brand or position themselves as premier business valuation service providers who differentiate themselves by going beyond the core service of reaching
a conclusion of value and creating value for clients through the strategic application of this analysis.
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| About the CFF Credential |
The Certified in Financial Forensics credential combines specialized forensic accounting expertise with the core knowledge and skills that make CPAs among the most
trusted experts. The CFF credential encompasses fundamental and specialized forensic accounting skills that CPA practitioners apply in a variety of service areas, including:
bankruptcy and insolvency; computer forensics; economic damages; family law; fraud investigations; litigation support; stakeholder disputes and valuations. To qualify, a CPA
must be an AICPA member in good standing, have at least five years of experience in practicing accounting, and meet minimum requirements in relevant business experience
and continuing professional education.
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| | Recent Forensic & Valuation Reporter Issues:
- Tuesday, September 15, 2009
- Tuesday, August 18, 2009
- Tuesday, July 21, 2009
- Tuesday, June 16, 2009
- Tuesday, May 19, 2009
| | | Lead Editor: Brooke Howell
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