Alison M. Forman



  • Chicago


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. She also has experience in matters involving general damages, antitrust, and securities fraud for companies in a wide range of industries. She has worked with testifying experts and has consulted with attorneys in all phases of litigation, including mediation and trial.

Accounting and auditor liability

Ms. Forman has advised counsel and worked with testifying experts to address a wide variety of Generally Accepted Accounting Principles (GAAP) compliance issues. She has addressed revenue recognition, fair value measurements, asset impairments, derivatives, contingent liabilities, discontinued operations, and transfers of financial assets. Ms. Forman has prepared pro forma financial statements, assessed materiality, and evaluated the adequacy of disclosures contained in Securities and Exchange Commission (SEC) filings. She has directed research in prominent securities class actions, including In re Williams Securities Litigation and In re Omnicom Securities Litigation.

Ms. Forman’s expertise includes evaluating whether audit and review procedures complied with Generally Accepted Auditing Standards (GAAS) and Public Company Accounting Oversight Board (PCAOB) standards. She has addressed a range of auditor liability issues in the context of litigation, and matters involving state boards of accountancy, the SEC, and the PCAOB. Issues addressed include the responsibilities of management and auditors; the nature, scope, and purpose of an audit or quarterly review; the planning and execution of financial statement audits; the effectiveness of audits of internal controls over financial reporting; auditors’ responsibilities regarding fraud; and required communications with management and the board.

Financial institutions

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

  • Lost profit damages;
  • The impact of the credit crisis on a bank’s loan portfolio;
  • Lending practices, including loan structuring, loan monitoring, due diligence,  and managing problem loans;
  • Loan loss allowances; and
  • Representations and warranties related to MBS offerings.
Professional Affiliations

Accounting and Auditing Enforcement Activity


Accounting and Auditing Enforcement Activity—2020 Review and Analysis

Podcasts and Videos

Cornerstone Research Connects: 2019 Accounting and Auditing Enforcement Activity


Purchase Price Adjustment Dispute


Regulatory Matter Involving Alleged Failure of an Auditor to Detect Fraud


Auditor Liability Following Client Bankruptcy


Williams Securities Litigation


AOL Time Warner Inc. Securities Litigation

  • Regulatory Actions Involving Accountants, Cornerstone Research, 2018–2019
  • “Corporate and Financial Fraud Actions Brought by the Securities and Exchange Commission,” Federal Enforcement Forum, 9 June 2021