Editor's Note: The following synopsis is based on a transcript of a program presented at the New York City Bar Association on January 28, 2011 regarding the controversial and high-profile issue of reporting on litigation contingencies in financial statements. The Editor relied entirely on the transcript for this editorial content.
The first part of this article appeared in the July issue of The Metropolitan Corporate Counsel. In it the author describes how the subprime crisis ushered in a new era of financial reporting. Please see our website at www.metrocorpcounsel.com.
Challenges For Audit Committees (cont'd)
On July 28, Willkie and KPMG co-sponsored a special conference titled Tarp Enforcement: The New Regulatory Regime, featuring a keynote address by Neil M. Barofsky , Special Inspector General for the Troubled Asset Relief Program ("SIGTARP").