Illinois Bar Journal


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Articles on Accountants

State Updates Public Accounting Act Requirements and Testing to Take Advantage of Computer Technolog; P.A. 93-0629 May 2004 Illinois Law Update, Page 242 Effective December 2003, information regarding the educational requirements, the application process, the examination, and fees connected to the Public Accounting exam became available on the Board of Examiner's web site, as well as in printed documents available from the board's office.
Standards Governing Compliance, Financial and Performance Audit Requirements Amended P.A. 93-0630 April 2004 Illinois Law Update, Page 176 Effective immediately, compliance audits are to be performed in accordance with attestation standards issued by the American Institute of Certified Public Accountants, related AICPA Statements on Standards for Attestation Engagements.
Application of the audit interference doctrine in the accounting malpractice context is consistent with general tort principles and Illinois common law. March 2004 Illinois Law Update, Page 124 On December 18, 2003, the Illinois Supreme Court affirmed the trial and appellate courts' application of the "audit interference" doctrine, limiting consideration of the plaintiff's comparative negligence to instances in which it contributed to the accountant's failure to properly perform an audit. 
Limitation-of-Liability Clauses in Accountants’ Engagement Letters: Are They Enforceable? By Thomas F. Falkenberg November 2003 Article, Page 573 The answer is generally "yes" in Illinois.
Sarbanes-Oxley and document retention By Helen W. Gunnarsson April 2003 LawPulse, Page 162 Do the new requirements governing retention, destruction and alteration of financial records apply to e-mail and other electronic documents? It's better to be safe than sorry.
The Lawyer’s Journal By Bonnie Fitzgerald McGrath November 1998 Column, Page 590 Post-Ellerth business boom?