Alison M. Forman

Alison Forman has more than twenty years of experience consulting on financial accounting, financial reporting, and auditing issues arising in complex litigation, regulatory enforcement, and corporate investigations. Ms. Forman supports testifying experts and works with attorneys in all phases of litigation, including mediation and trial. She has worked on matters in a variety of industries, including financial institutions, oil and gas, real estate, healthcare, high tech, automotive, solar, and retail.

Ms. Forman is a certified public accountant (CPA), and is certified in financial forensics (CFF) by the American Institute of Certified Public Accountants (AICPA). She coauthors Cornerstone Research’s annual Accounting and Auditing Enforcement Activity publication.

Accounting

Ms. Forman’s expertise includes evaluating allegations pertaining to violations of Generally Accepted Accounting Principles (GAAP). She has experience with U.S. GAAP and International Financial Reporting Standards (IFRS). In addition, Ms. Forman has addressed matters involving:

• Alleged financial reporting fraud
• Adequacy of disclosures contained in Securities and Exchange Commission (SEC) filings
• Financial statement restatements
• Materiality and assessment of errors
• Non-GAAP measures
• The application of accounting standards to complex issues such as revenue recognition, asset impairments, contingent liabilities, business combinations, and uncertain tax positions
• The effectiveness of internal control over financial reporting (ICFR)
• Accounting for governmental entities under Governmental Accounting Standards Board (GASB) standards

Auditor liability

Ms. Forman has extensive experience with litigation and regulatory investigations involving alleged auditor misconduct, including in matters involving the SEC, the Public Company Accounting Oversight Board (PCAOB), and state boards of accountancy. Her expertise includes:

• Generally Accepted Auditing Standards (GAAS) for audits of private companies
• PCAOB standards for audits of public companies
• The system of quality control for a CPA firm’s accounting and auditing practice
• Auditor independence
• The role of management, internal audit, the audit committee, and the auditor in financial reporting
• The nature, scope, and purpose of an audit or quarterly review
• Planning and execution of financial statement audits
• Auditors’ responsibilities regarding fraud and illegal acts
• Audits of ICFR that are integrated with audits of financial statements

Financial institutions

Ms. Forman also has extensive experience in financial institutions matters, notably those involving mortgage-backed securities (MBS), banks and thrifts, subprime lenders, credit card issuers, and life insurance companies. She has addressed allegations pertaining to:

• Lending practices, including loan structuring, loan monitoring, due diligence, and managing problem loans
• Loan loss allowances
• Lost profit damages
• Representations and warranties related to MBS offerings