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Gain a Practical Understanding of Accounting and its Relevance for Transaction, Litigation and Management Attorneys

Do you understand basic accounting terms, ratios and statements? Can you apply this knowledge to create a clear understanding of the overall financial picture? It is imperative that attorneys are able to develop a working understanding and analytical framework of accounting terminology to strengthen their background and avoid unintentional, involuntary accounting scandals. This course will teach you the basics of accounting so you can be knowledgeable when reviewing statements and identifying red flags. Don't put yourself at risk - register today!

  • Build your understanding of financial statements: gain perspective on calculating important ratios and how they're interconnected.
  • Recognize potential red flags: hone your error detection skills with help from seasoned experts.
  • Interpret income statements and cash flow to accurately determine profitability and liquidity.
  • Develop an accounting vocabulary to ensure clear communication with financial professionals.
  • Obtain a primer in accounting standards and fundamental principles to get the theoretical "lay of the land" for financials.
  • Understand how accounting documents vary depending on the business's entity structure.
  • Learn how forensic accounting methods are used for finding hidden assets in divorce.
  • Mitigate your liability when dealing with financial statements and accounting documentation.

All times are shown in Eastern time

  • UNDERSTANDING BASIC ACCOUNTING CONCEPTS
    10:00 - 10:30, Erik V. Scully
    • Comprehending Accounting Terms
    • How to Read Financial Statements
      • Balance Sheet
      • Income Statement
      • Statement of Cash Flows
      • Relationship Between Statements
    • Understanding GAAP and Other Accounting Styles
  • ANALYZING FINANCIAL STATEMENTS
    10:30 - 11:00, Erik V. Scully
    • Calculating and Interpreting the Numbers
      • Liquidity Analysis
      • Profitability Analysis
      • Activity Analysis
      • Capital Structure
      • Capital Market
  • ACCOUNTING FOR DIFFERENT ENTITIES
    11:15 - 12:00, Erik V. Scully
    • Accounting and Tax Return Analysis
      • Sole Proprietorships
      • C-Corporations
      • S-Corporations
      • Partnerships
      • Limited Liability Companies
  • LAW OFFICE ACCOUNTING AND MANAGEMENT
    12:00 - 12:45, Erik V. Scully
    • General Features
    • Accounting Problems
    • Financing Problems
    • Basic Chart of Accounts
    • Tax Issues
  • DEALING WITH THE IRS
    1:15 - 1:45, Erik V. Scully
    • An Overview of the IRS Examination Process
    • Different Types of Audits
      • Audits of Individual Returns
      • Audits of Business Returns
      • Audits of Other Returns
    • Preparing for an Audit: An Organized Approach
      • Collection Procedures
  • IDENTIFYING FRAUD AND FORENSIC ACCOUNTING
    1:45 - 2:45, Erik V. Scully
    • Detecting Red Flags
    • Preventing Attorney Liability
    • Understanding the Difference in Prepared Financial Statements
    • Fraud Detection and Prevention
      • The Fraud Triangle
      • Types of Fraud
      • Steps in Conducting a Fraud Investigation
      • Internal Controls
    • Divorce: Hidden Income Analysis
      • Expenditure Method
      • Net Worth Method
      • Bank Deposit Method
  • COMPLYING WITH ETHICAL STANDARDS
    3:00 - 4:00, Robert A. Mathers
    • Confidentiality
    • Attorney-Client Privilege
    • Work Product Doctrine
    • Protecting Confidentiality, Privilege and Work Product Doctrine When Working with Accountants and Tax Advisors
    • Conflicts of Interest
    • Reporting Professional Misconduct
  • USING ACCOUNTING AND FINANCIAL RECORDS AS EVIDENCE
    4:00 - 5:00, Robert A. Mathers
    • Obtaining Vital Documents
    • Introducing Financials at Trial
    • Evidentiary Pitfalls
    • Identifying Potential Experts
    • Preparing an Accountant for Trial

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