In his Professional Liability column, Norman B. Arnoff, of the Law Offices of Norman Arnoff, writes that the going concern qualification implicates difficult legal and accounting judgments; difficulties also exist for both the legal and accounting professions and mandate a higher consciousness to sustain the integrity of the financial reporting process when contingent liabilities arise from threatened or pending litigation.
Litigation and Contingent Liabilities
New York Law Journal
May 31, 2012
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