In 1988, the US standard form audit report experienced its first major modification in 39 years. Among the objectives of the “new” report were better auditor/user communications leading to, among other things, an abridgement of auditor liability. Nearly a decade later, this issue has yet to...

SAC Capital Advisors LP (SAC) was once a $12-billion hedge fund with one of Wall Street's best records for performance. Steven A. Cohen, the owner and namesake of SAC, was the subject of admiring profiles in everything from the New York Times to Vanity Fair. He was once number 36 on Forbes' list...