Litigation Support Planning Tips As part of their risk management strategy, companies are increasingly hiring an array of experts, including CPAs, to review their policies and controls and scrutinize internal procedures to help keep them out of the courthouse. CPAs accustomed to assessing controls can recommend these "best practices" to their clients: Incorporate ethics policies into the company mission statement; inform employees of responsibilities through training, procedure manuals and other internal communications; conduct periodic reviews of compliance programs to keep them current; and have a senior executive in charge of compliance and regulation to signal the importance of corporate integrity. CPAs can encourage their clients to include arbitration clauses in their contractual agreements or to select alternatives to litigation when disagreements arise. Besides resolving economic disputes, CPAs can help companies protect themselves against problems involving discrimination in hiring and promotions, sexual harassment allegations and wrongful termination. In such cases, CPAs can work closely with human resources departments to identify problems in advance. CPAs structure royalty payment agreements for companies to avoid intellectual property squabbles - an increasingly common area of contention in the technology and pharmaceutical fields. CPAs can help their clients avoid disputes by offering them simple payment formulas that are easy to understand. If a business sees certain signs of weak controls, it may be time to call on a CPA consultant. Before a company chooses such an expert to implement risk management processes, it needs to evaluate his or her credentials. Paul Sweeney, "5 Tips to Steer Clear of the Courthouse," Journal of Accountancy, July, 2002. Read Full Article © 2007, Mallah Furman. All Rights Reserved.   The CPA licensure designation is regulated by the State of Florida.   The CVA designation is regulated by the National Association of Certified Valuation Analysts.   Privacy Policy | Legal Disclaimer | Site Map