Risk Mitigation - Engagement Letter Tips For Accountants

FINRA proposed a rule amendment to restrict access to representative- and principal-level qualification scores.

The SEC charged Ernst & Young LLP with violations of auditor independence rules that require firms to maintain their objectivity and impartiality with clients.

Organizations are embedding AI into internal audit workflows to improve consistency and shorten testing cycles, but success requires a structured approach that addresses evidence handling, testing methodology...

On September 24, 2024, the PCAOB issued settled orders sanctioning four audit firms. As part of an ongoing enforcement sweep, the PCAOB found that Accell Audit & Compliance P.A. ("Accell")...

Finance teams face critical implementation challenges as new GAAP amendments take effect for 2026, requiring immediate attention to accounting policies, documentation standards, and system readiness. Are your financial reporting processes prepared to handle expanded disclosure requirements, CECL practical expedients, and internal-use software accounting changes before year-end audit fieldwork begins?

The SEC updated preexisting accounting guidance to conform to Financial Accounting Standards Codification Topic 606 ("Revenue from Contracts with Customers").

The CAS Board has raised contract thresholds to $35 million and eliminated CAS 407, fundamentally changing cost accounting requirements for federal contractors. At the same time, the Department of War is demanding unprecedented cost and pricing transparency through new memoranda requiring actual cost information for negotiations valued at $10 million or more, creating a complex landscape where contractors face fewer formal CAS requirements but heightened scrutiny of their pricing data.

On November 8, 2024, without admitting or denying findings, the mainland China-based firm, JTC Fair Song CPA Firm, settled with the PCAOB for repeated violations of PCAOB rules by failing to make requisite filings and for failing to cooperate with an investigation into those reporting violations.

The SEC has established a new Financial Reporting and Accounting Unit within its Division of Enforcement, consolidating nationwide resources to investigate public company accounting and financial reporting issues. This organizational shift signals heightened scrutiny of complex accounting matters, non-GAAP measures, and disclosure practices.

Although being challenged by an injunction filed on August 20, 2026, by a coalition of 17 states, California’s SB 54 Plastic Pollution Prevention and Packaging Producer Responsibility Act is now in effect, and companies that sell, distribute, import, or ship packaged products into California should be evaluating whether they have compliance obligations.

Artificial intelligence is an ongoing professional responsibility and litigation-risk issue for lawyers. The California State Bar recently published new guidance. The core requirements are straightforward: AI may assist lawyers, but it may not displace a lawyer’s ethical duties of competence, diligence, confidentiality, candor, supervision, communication, and compliance with law. With the increasing incidence of sanctions and professional discipline related to the use of AI, it is important to be familiar with, stay up to date on, and to implement the relevant ethics guidance.

Artificial intelligence (AI) has rapidly transformed from a futuristic concept into an everyday tool for insurance claims professionals and legal practitioners. While AI platforms offer unprecedented capabilities in claims analysis, legal research, and document review, they also present significant risks that demand careful attention. Professionals who want to harness AI’s potential can implement simple practices to mitigate its inherent risks.

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In late 2025, Figure AI placed its third-generation humanoid robot into homes for alpha testing. The Figure 03 has hands with 16 degrees of freedom...

Humanoid robots are entering American homes at an unprecedented pace, with companies like Figure AI, Unitree, and Tesla deploying AI-powered machines capable of learning and adapting in real time. As these autonomous devices become commonplace, outdated legal frameworks governing product liability, privacy protections, and insurance coverage face mounting pressure to address novel risks ranging from physical injuries to unauthorized biometric data collection.

Otis Felder (Partner-Los Angeles, CA) has been appointed a Special Master by the Los Angeles Superior Court to assist the LA County...

Peter M. Hughes (Partner-San Diego | San Francisco, CA) was sworn in as President & National Board Representative of the San Diego Chapter of the American Board Of Trial Advocates...

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