& Assignment Highlights
Throughout the thrift crisis, the government has filed several lawsuits against accounting firms, seeking billions of dollars. The common allegation is that independent certified public accountants did not adequately audit and/or report the S&L’s financial or internal control problems in accordance with professional standards.
Our firm, Diligence Incorporated, has not only been aware of this problem for several years, but has produced work directed at recovering monies from independent certified public accountants because of their substandard performance. In the majority of those cases where Diligence has established a lack of management integrity, Diligence also has raised serious questions regarding the accounting firm’s opinion that financial statements were presented in conformity with generally accepted accounting principles and that their examinations were performed in accordance with generally accepted auditing standards. We have also been aware and have produced work concerning the malpractice of other outside professionals (i.e., attorneys, appraisers, brokers, etc.). Whether the fraud or wrongdoing initiated from outside or inside the institution, Diligence Incorporated has had a variety of experience in discovering and exposing misconduct and has worked toward its attendant recovery.