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Monday, November 14, 2022

7:00 AM – 8:00 AM PST

Continental Breakfast and Vendor Display

7:00 AM – 6:00 PM PST

Registration Open

8:00 AM – 9:25 AM PST

FVC2201. Opening Remarks | Chairs' Welcome & Introductions | Cost of Capital Ramifications of the Russia-Ukraine War and Global Inflationary Pressures

Carla Nunes

- Managing Director | Kroll

James Harrington

- Director | Kroll

Global inflationary pressures in the post-pandemic recovery have forced major central banks to raise interest rates. Russia’s invasion of Ukraine and the protracted war in the region have added further pressure to global agricultural and other commodity prices. Both events have led to progressively weaker growth forecasts for the U.S. and other economies. This session will discuss how these events have impacted cost of capital assumptions and how valuations may be impacted as a result.


Learning Objectives:

  • Analyze the impact of fiscal policy on real GDP growth during the COVID-19 pandemic and subsequent recovery, as well as how it affected inflationary pressures
  • Determine the impact of major central banks’ monetary policies on safe-haven government bond yields and the current rising interest rate environment
  • Evaluate the impact of the Russia-Ukraine on global inflationary pressures
  • Identify industries most impacted by the pandemic and from the more recent inflationary pressures
  • Calculate the adjustments that may be needed for projected growth in cash flows and discount rates

8:00 AM – 9:25 AM PST

FVC2202. Opening Remarks | Chairs' Welcome & Introductions | Recent Government Enforcement Actions and the Role of the Forensic Accountant

Jason Burt

- Associate Regional Director of Enforcement | Securities & Exchange Commission

Kristina Littman

- Partner | Willkie Farr & Gallagher, LLP

Matthew Jacques

- Managing Director | AlixPartners

Current and former senior members of the U.S. Securities and Exchange Commission's Enforcement Division will discuss recent SEC enforcement actions with a focus on matters involving financial reporting, digital assets and gatekeepers.  In addition, the panel will discuss their views on the roles of forensic accountants in both the government and private sectors.


Learning Objectives:

  • Analyze regulatory enforcement
  • Identify digital assets

9:25 AM – 9:50 AM PST

Networking and Exhibit Break

9:50 AM – 11:05 AM PST

FVC2203. Gear Up for Forensic Success!

Jolene Fraser

- Managing Director | Eisner Advisory Group LLC

Annette Stalker

- Principal | Stalker Forensics

No two litigation or forensic accounting engagements are the same. They often have multiple parties, varied allegations, possible counter-claims and a number of different financial issues. Having a methodical approach and well-structured organization will make it easier for you and your staff to quickly locate key records and maintain consistency across case files. Ultimately, you will be better-prepared for communication with your team and the clients, as well as the final reporting and testimony.


Learning Objectives:

  • Recall how to create an efficient structure for organizing key elements of each case.
  • Identify how to successfully plan and perform each phase of the engagement, from acceptance to completion.
  • Recognize effective communication with internal and external resources throughout the engagement.

9:50 AM – 11:05 AM PST

FVC2204. Annual Damages Case Law Update

Alexander Walther

- Senior Vice President | The BVA Group

Jeffrey Press

- Director | Stout

The presentation will cover highlights from this year's Annual Damages Case Law Update, along with an overview of the growing repository of case law briefs being accumulated for AICPA FVS members. The case law update will focus on expert admissibility and cover a mix of commercial damages and intellectual property cases.


Learning Objectives:

  • Apply case law in different areas of economic damages
  • Analyze recent trends in case law and impact on FVS professionals’ approaches to quantifying economic damages

9:50 AM – 11:05 AM PST

FVC2205. Personal vs Enterprise Goodwill: How the Analysis Lies Within the Facts

Audra Moncur

- Partner | Wipfli, LLP

Karolina Calhoun

- Vice President | Mercer Capital

We've been taught case law and the methodologies, but, what about addressing how matters vary so, so much from one to the other? How is case law relevant when it is not comparable? Practical approaches and best practices.


Learning Objectives:

  • Identify examples of varying underlying facts and circumstances and how these impact the analysis of enterprise vs. personal goodwill
  • Analyze case law in a handful of states and examine how it may or may not be comparable to varying matters

9:50 AM – 11:05 AM PST

FVC2206. Forensic and Valuation Experts in a Shareholder Dispute: How Two Experts Look at the Same Data Differently

Brett Axelrod

- Partner | Fox Rothschild

Hubert Klein

- Partner | Eisner Advisory Group, LLC

Litigation matters often have a need for multiple experts with varying skillsets and expertise. These experts are often relying on the same data and information but viewing it from a different perspective. There is often a need for experts to rely on each other’s testimony as well. This session will explore how two experts look at the same data differently as well as exploring the risks of varying assumptions and reliance on another expert’s work.


Learning Objectives:

  • Identify key issues that may be interpreted differently and how to recognize and reconcile the different positions.
  • Assess the key drivers of opinion differences and evaluate the impact on expert opinion conclusions and positions of counsel.

9:50 AM – 11:05 AM PST

FVC2207. Is Reasonable Compensation Really Reasonable?

Neil Beaton

- Managing Director | A&M

Jessica Landay

- Business Appraiser/Forensic Accountant | Harper Hofer & Associates, LLC

Discussion to include: (1) When to adjust for reasonable compensation, (2) Double dip issues, (3) Sources for reasonable comp, and how to use appropriately, (4) Discussion of whether BV experts are qualified to opine to reasonable comp


Learning Objectives:

  • Analyze circumstances where it is appropriate or inappropriate to make a reasonable compensation adjustment.
  • Differentiate between compensation for services and return on investment
  • Distinguish between sources of compensation data for select industries or businesses
  • Determine if you are qualified to opine on reasonable compensation

11:05 AM – 11:30 AM PST

Networking & Exhibit Break

11:30 AM – 12:45 PM PST

FVC2209. Post-acquisition Clean-up: Reps & Warranty Claims to Fraud Litigation

John Tira

- Senior Managing Director | Green Flash Forensics

Meryl Macklin

- Partner | Bryan Cave Leighton Paisner

Travis Armstrong

- Partner | Hemming Morse, LLP

With the proliferation in M&A activity, it is critical that forensic accountants have an understanding of deal-specific representations and warranties, and how those concepts work in practice. Attendees will develop an understanding of how forensic accountants can assist buyers, sellers, and insurers navigate the considerations and practicalities of working through breaches of representations and warranties. This session will explore the conceptual framework of representations and warranties, emphasize the most common financial and accounting areas of concern, discuss the impact of representation and warranty insurance products, and identify additional actions (e.g., fraud claims) that often accompany an R&W claim.


Learning Objectives:

  • Identify what representations and warranties (R&W) are in the context of a merger or acquisition
  • Analyze the function of R&W Insurance (RWI) and what it does and does not do
  • Determine how forensic accountants can assist insured (i.e., buyer) or insurer in RWI claims and beyond into litigation
  • Identify and discuss the most common financial and accounting related representations and warranties

11:30 AM – 12:45 PM PST

FVC2210. Valuation Court Cases: New Cases and Historical Cases Impacting Valuations Today

David Consigli

- Partner | FAZCPAs

Natalya Abdrasilova

- Director of Valuation & Litigation Services | Boyle, Deveny, & Meyer PC

In litigation, the decisions in court cases create precedence for future court cases. Keeping up to date on current court decisions and the background can help you prepare your valuation for court and support it in testimony.


Learning Objectives:

  • Identify updates on recent court cases that affect valuations
  • Analyze how recent court cases interpret valuation theory

11:30 AM – 12:45 PM PST

FVC2211. Complex Business Asset Tracing – Separate or Marital PLUS Active or Passive

Stefanie Jedra

- Director | Marcum LLP

Josh Shilts

- President | Shilts CPA

Divorce, or other litigation - implied in title but a complex topic to address the source of funds and the analysis for active or passive based on multi-entity ownership including related party and GP/LP ownerships


Learning Objectives:

  • Assess types of engagements that may require asset tracing and nuances by engagement type
  • Contrast between primary and secondary source documents
  • Categorize accountant and attorney roles
  • Formulate analysis and conclusions to identify potential weaknesses

11:30 AM – 12:45 PM PST

FVC2212. Remote Investigation: Inside and Out

Steven Feldman

- Partner | Stradley Ronon Stevens & Young, LLP

David Allen

- Chief Financial Officer | Iconic Brands, Inc.

David Zweighaft

- Managing Partner | RSZ Forensic Associates LLC

Dealing with matters of i) corporate governance, ii) unauthorized transactions, iii) whistleblower claims, and iv) related party transactions. The learning points will include: Remote interviewing Online investigative practices Value-added services Professional practices and ethical standards Dealing with company boards and investors • Changes in risks emanating from the evolving hybrid workplace environment • The importance of whistleblower hotlines in today’s remote workplace environment / corporate governance models • The receipt, review and interpretation of anonymous tips from whistleblower hotlines • Developing and executing effective investigation plans from tips received through whistleblower hotlines, particularly in the shifting ‘paperless’ workplace environment • Protections afforded to whistleblowers and ramifications to organizations for retaliatory actions • Case studies of how whistleblower hotlines have helped organizations mitigate fraud risk while increasing communication and transparency


Learning Objectives:

  • Assess issues in the client's circumstances.
  • Formulate a plan for addressing i) specific concerns articulated, ii) regulatory risks, and iii) conducing an investigation into potential ethical breaches

12:45 PM – 1:45 PM PST

Lunch

1:45 PM – 3:00 PM PST

FVC2213. Watching How the Sausage is Made: From Retention to Report Issuance and Everything In Between

Nicole Lyons

- Partner | WithumSmith+Brown, PC

Brian Schwartz

- Managing Member | Schwartz Family Law

Interactive session with attorney and FVS professional. Discussion points include (1) retention of expert (attorney v. client), (2) discovery demands and process, (3) client meetings and subsequent interactions, (4) who stays on top of whom (lawyer leading or forensic leading), (5) business owner interviews (attendance, selecting appropriate stage in litigation, format and reliance on information), (6) preliminary schedules (when does an expert have “enough” to “start a negotiation process"), (7) practice management (billing and collecting of fees).


Learning Objectives:

  • Recognize how to collaborate with an attorney to employ a successful engagement strategy
  • Identify the roles and responsibilities of attorney versus FVS professional
  • Recall practice management tips for billing and collecting of fees

1:45 PM – 3:00 PM PST

FVC2214. Conducting a Large-Scale Investigation During a Pandemic

Aaron Dyer

- Partner | Pillsbury Winthrop Shaw Pittman LLP

Dan Ray

- Partner | Hemming Morse LLP

This large internal fraud investigation commenced upon receipt of an anonymous complaint indicating that senior management of the company was inappropriately involved with a number of vendors and asking that accountants look into how much money had been paid to these undisclosed related parties. This letter triggered the initiation of a large international investigation involving the creation and utilization of a multitude of related party companies, which had received huge payments from the company. This ongoing investigation was made more complex because the company and its publicly traded parent were audited by separate big accounting firms.


Learning Objectives:

  • Apply the skills used to conduct large-scale internal investigations.
  • Determine the process for gathering the necessary documents.
  • Identify interviewing techniques, made more difficult due to the pandemic restrictions.
  • Analyze the challenges related to “shadow audits” by audit firms during investigations.

1:45 PM – 3:00 PM PST

FVC2215. When Valuation Experts Disagree (Panel)

Harold Martin

- Partner | Keiter

Bethany Hearn

- Principal | CLA

Karolina Calhoun

- Vice President | Mercer Capital

James Hitchner

- Managing Director | Financial Valuation Advisors

Best practices when you are the 3rd appraiser or an expert in a litigation matter. How to identify the key differences and most importantly, the impact from differences and the best manner in which to communicate those differences.


Learning Objectives:

  • Identify the sources and impacts from differences in valuations between experts
  • Analyze best practices in modeling and communicating said differences

1:45 PM – 3:00 PM PST

FVC2216. So You Want to Get into Bankruptcy? What CPAs Need to Know for Financial Advisor Success

Becky O'Malley

- Managing Director | B. Riley Advisory Services (GlassRatner), unit of B. Riley Financial, Inc.

Coral Hansen

- Managing Director | B. Riley Advisory Services (GlassRatner), unit of B. Riley Financial, Inc

Seth Freeman

- Managing Director | B. Riley Advisory Services (GlassRatner), unit of B. Riley Financial, Inc.

Using two extraordinary case studies, your panel of seasoned Chapter 11 Financial Advisors will steer you through their recent work for the Easterday Ranches Chapter 11 Unsecured Creditors Committee, at a loss of $250 million (and 180,000 missing cattle), the largest cattle fraud case in U.S. History; and shine some sunlight on the $2 billion Ponzi scheme DC Solar Chapter 11s, the biggest fraud case in the history of the DOJ Eastern District of California, generating a 30-year prison sentence for the principal and six other plea agreements—including the company’s outside CPA.


Learning Objectives:

  • Identify The Different Roles of the Financial Advisor in Chapter 11 cases: Pre-Bankruptcy, Post-Petition and Post-Confirmation.
  • Recognize Waterfall of Potential Clients: Debtor, official and ad-hoc creditors committees, the lenders, a significant creditor; class action plaintiffs; the chapter 11 trustee, the chapter 7 trustee, the examiner, government agencies and liquidating trustee.
  • Distinguish Soft Skills for Success: The importance of understanding the case situation and environment and style-shifting for your client, attorneys, stakeholders, and the court.
  • Recall How the Financial Advisor Supports the Attorneys: Developing case strategies and theories; forensic investigations and financial analysis; valuation fights; technical accounting and tax advice; declarations and expert witness; mediations.
  • Indicate The Role of the Financial Advisor in “SubCon” and 2004 “Fishing Expeditions”: Unique to bankruptcy, how related entities become a single debtor and why a 2004 Exam is not your everyday deposition.

1:45 PM – 3:00 PM PST

FVC2217. Using Advanced Analytics, Visualization, and Statistics to Identify Bid-Rigging in the Public Sector

Jack Martin

- Partner | KPMG

Using a case study of the Charbonneau Commission in Quebec, I explain how we used advanced analytics including correlation analyses and regressions, as well as best practice visualization techniques and other statistics to identify vendors who had been colluding to win contracts at an inflated price. I will also cover how conventional techniques such as applications of Benford’s Law can be modified in order to identify actual fraudulent behaviour rather than yielding a significant amount of false positives (or false negatives).


Learning Objectives:

  • Identify the link between local laws and related analytics that can be performed
  • Compare different cases of collusion and corruption
  • Analyze statistical techniques and their impact: Correlations, Regression, etc.

3:00 PM – 3:25 PM PST

Networking and Exhibit Break

3:25 PM – 4:15 PM PST

FVC2218. Preventing Fraud through Restructuring Internal Controls

Dru Carney

- Senior Consultant | Wipfli LLP

Dave Friedman

- Partner | Wipfli LLP

Developing techniques to stop fraud before it starts through education, ethics training, and preventative measures.


Learning Objectives:

  • Identify why properly designed and executed internal controls are important to a company
  • Recognize how to communicate the need for properly designed and executed internal controls to others in the company
  • Select the best current internal controls methods
  • Recall tips on how to implement proper internal control methods

3:25 PM – 4:15 PM PST

FVC2219. An Exploration of Reliance Damages

Anthony Schoenberg

- Partner | Farella Braun & Martel LLP

Greg Regan

- Partner | Hemming Morse

So you've been hired to testify about damages. But, the alleged harm involves a misrepresentation and your client's claim is that he/she would not have proceeded with the agreement. Should you calculate lost profits? If not, what should you do? This session will explore these questions and provide insights about reliable ways to present reliance damages.


Learning Objectives:

  • Determine when reliance damages apply.
  • Differentiate alternative methods of computing reliance damages.
  • Analyze reliance damages for rebuttal purposes.

3:25 PM – 4:15 PM PST

FVC2220. Deferred tax considerations in valuation of Real estate and Marketable Securities Entities

Audra Moncur

- Partner | Wipfli, LLP

Lisa Cribben

- Partner, Valuation and Transaction Services | Wipfli LLP

In real estate and Marketable Securities entities, we start with the Fair market value of the individual real estate and securities to estimate the value. However, if two different entities have different cost basis, it can have a dramatic impact on the after-tax cash flow for the investment. This presentation will discuss how this can impact the value of a gift in a real estate entity and how it can be factored into a valuation.


Learning Objectives:

  • Analyze the impact tax has on the after-tax proceeds of a real estate or marketable securities entity
  • Identify different ways to factor the tax implications into the value of a minority interest

3:25 PM – 4:15 PM PST

FVC2221. Moving on-chain: Unwinding the Complexity of Crypto

Eric Forni

- Partner | DLA Piper

Peter Altman

- Partner | Akin Gump Strauss Hauer & Feld LLP

Kevin Madura

- SVP, Crypto & Cyber Innovation | AlixPartners

The wild world of crypto - including NFTs, crypto assets, stablecoins, smart contracts – has introduced a new class of digitally-based assets that continue to cause a stir for professionals, regulators, and litigators alike. Understanding, and reconciling, how “on-and-off chain” data works together will be increasingly important to address many unanswered questions such as crypto-based accounting, asset classification, appropriate regulation, and policy development.

This panel will explore the latest in the digital asset space, from OFAC-sanctioned crypto code to government investigations, and present considerations for those interested in learning about this rapidly-evolving industry.


Learning Objectives:

  • Recall the basics of digital assets
  • Identify cryptocurrency regulation
  • Analyze distributed ledger technology
  • Recognize cryptocurrency litigation

3:25 PM – 4:15 PM PST

FVC2222. Statement on Standards for Valuation Services bridge to the International Valuation Standards

Kevin Zanni

- Managing Director | Willamette Management Associates

Mark Smith

- Director | AICPA

The AICPA's Statement on Standards for Valuation Services (SSVS) and the International Valuation Standards (IVS) -  a discussion intended to provide the conceptual framework of how to prepare an IVS compliant valuation for valuation analysts who are more accustom to preparing valuations in accordance with SSVS.


Learning Objectives:

  • Identify the key concepts and components for SSVS and IVS
  • Distinguish when valuation analysts need to apply each of the valuation standards
  • Analyze and choose the relevant steps necessary to comply with IVS

4:15 PM – 5:15 PM PST

Networking Reception

Tuesday, November 15, 2022

6:30 AM – 8:00 AM PST

Continental Breakfast and Vendor Display

6:30 AM – 6:00 PM PST

Registration Open

7:50 AM – 9:05 AM PST

FVC2223. FVS Forum

Maryellen Galuchie

- Managing Director | Grant Thornton

Lynda Schwartz

- Director of Forensic Curriculum | University of Massachusetts Amherst

Bethany Hearn

- Principal | CLA

This forum will focus on our proposed five-year FVS Strategic Plan. We will begin by taking a quick look at the top accomplishments in 2022 and then look forward to how we can continue to build a successful community and brand. Attendees will be encouraged to participate by suggesting topics and initiatives that align with our Strategic Goals to best serve the needs of our members.


Learning Objectives:

  • Identify current offerings to advance their skills and support client engagements
  • Distinguish and communicate to Association staff specific needs tools, resources, learning, and networking opportunities which align with the new FVS Strategic Plan
  • Recall how the Association supports the work and interests of the members

9:05 AM – 9:25 AM PST

Networking and Exhibit Break

9:25 AM – 10:55 AM PST

FVC2224. Opening Remarks and Awards Presentation | KEYNOTE: Bad Blood: Secrets and Lies in a Silicon Valley Startup

John Carreyrou

- Author

Drawing on his bestselling book and including updates from the Elizabeth Holmes and Sunny Balwani trials, Carreyrou will discuss the ethical lapses, the credulous media coverage, and the lax oversight that allowed Theranos to achieve a “unicorn” valuation of $9 billion, as well as the lessons CPAs and other professionals can learn from its fall.


Learning Objectives:

  • Recall the chronology of how the Theranos fraud unfolded, with updates from the recent trials
  • Identify how Carreyrou’s investigative reporter’s toolkit helped him uncover malfeasance that had been missed by so many others

10:55 AM – 11:20 AM PST

Networking and Exhibit Break

11:20 AM – 12:10 PM PST

FVC2225. How to Conduct a Lifestyle Audit (and make it stick in court)

Gayle Callis

- President | BCS Financial Forensics Ltd.

This session is relevant to forensic accountants that prepare income stream analyses for family matters. Without a forensic analysis, the courts and mediators will rely only on available documentation such as income tax returns – but what if the lifestyle indicates that the income far exceeds what is reported to the revenue authorities? Using my experience gained in the 28 plus years I worked at Canada Revenue Agency as an auditor and criminal investigator, I will go through techniques to identify, quantify and present ‘real’ income for purposes of determining support entitlements in family litigation.


Learning Objectives:

  • Evaluate circumstances where indirect verification of income is applicable
  • Assess indirect verification of income audit techniques

11:20 AM – 12:10 PM PST

FVC2226. Quantifying Damages for IP Disputes - An Introduction

Jeffrey Press

- Director | Stout

This presentation will provide an introductory overview of common approaches for calculating damages in different types of intellectual property disputes. Topics will include foundational case law and key considerations in the calculation of damages in the form of lost profits, reasonable royalty, and disgorgement of profits in disputes involving patents and other types of intellectual property.


Learning Objectives:

  • Compare different methodologies for calculating damages in intellectual property disputes.
  • Analyze foundational case law and key considerations for damages experts when calculating damages.

11:20 AM – 12:10 PM PST

FVC2227. Looking Forward: How Accounting's Past Will Shape Its Future

Bradley Preber

- Retired CEO | Grant Thornton LLP

In our industry, planning ahead has arguably never been more challenging. The past may hold some answers, but emerging trends pose new and unique questions. To help you and your colleagues create a confident future, experienced accounting leader Brad Preber will share the insights he has developed throughout his 40-year career. In sharing his story, Brad will reflect on where we’ve been, where we’re going, and the lessons that will get us where we need to be. Preber is the recently retired CEO of Grant Thornton LLP -- and a frequent and highly-rated speaker for the AICPA.


Learning Objectives:

  • Identify how to share leadership and planning lessons
  • Analyze how to create insights into leading into the future

11:20 AM – 12:10 PM PST

FVC2228. Trends in PE & VC and Best Practices in Valuation of Fund Interest(s)

Justin Kuczmarski

- President | NAV Valuation & Advisory LLC

In a turbulent economy with transactional values and volume down from 2021 peaks, private equity and venture capital sponsors have had many concerns- and opportunities.

PE and VC valuation expert and M&A advisor Justin Kuczmarski, CPA/ABV/CFF/CEIV will cover advanced valuation topics and delve into investment manager trends and concerns.

The goal is to update intermediate and advanced practitioners across advanced techniques, applications, and broader market intelligence.


Learning Objectives:

  • Assess and dissect advanced PE and venture capital valuation topics
  • Predict trends in the private equity landscape
  • Contrast trends in the private credit landscape
  • Assess trends in the venture capital landscape

11:20 AM – 12:10 PM PST

FVC2229. Financial Statement Manipulation

Amy Yurish

- Managing Director | JS Held

Carey Miller

- Managing Director | JS Held

This session will cover common types of financial statement manipulation across various accounts (i.e., revenue, expenses). Participants will learn about red flags associated with prevalent fraud schemes and techniques for investigating potential financial statement fraud. Session will also cover auditors' responsibilities related to fraud detection, trends in auditor malpractice litigation, and discuss case studies.


Learning Objectives:

  • Identify common types of financial statement manipulation
  • Differentiate red flags & investigative techniques
  • Determine auditors’ responsibilities related to fraud detection
  • Analyze common alleged violations & trends in auditor malpractice litigation

12:10 PM – 1:10 PM PST

Lunch

1:10 PM – 2:25 PM PST

FVC2230. Introduction to Damages in Wrongful Termination Matters

Michael Campbell

- Partner | Sheppard Mullin Richter & Hampton LLP

Irina Balashova

- Manager | Withum LLP

Adam Howard

- Director | Armanino LLP

Focus on wrongful termination, discrimination, damages cases


Learning Objectives:

  • Identify and explain the two major types of damages in a legal claim
  • Recognize at least three major elements of a wrongful termination claim
  • Recall critical areas to explore when analyzing a wrongful termination matter

1:10 PM – 2:25 PM PST

FVC2231. Cyber-related Insurance Claims: What You Need to know in 2022

Rick Contorno

- National Practice Leader, Claims Investigation & Litigation | RSM US LLP

Sean Renshaw

- Senior Director | RSM US LLP

Tim Zimmerman

- Partner | RSM Canada Consulting LLP

With the increase in Cyber related insurance claims, the need for forensic accountants to assist with claims preparation has grown (significantly). This session will review the role of a forensic accountant, what is covered in different policy forms and how cyber Business Interruption claims are measured along with other helpful information when preparing and reviewing claims.


Learning Objectives:

  • Identify common issues that are encountered when interpreting cyber insurance policies
  • Determine what incident response expenses can be problematic when summiting a cyber insurance claim
  • Differentiate areas that can pose challenges when seeking reimbursement for business interruption expenses

1:10 PM – 2:25 PM PST

FVC2232. Valuation and Carried Interest

Sumeet Bhatnagar

- Senior Manager | KPMG

Antonella Puca

- Managing Director | MPI Valuation & Advisory

This presentation discusses the unique challenges of valuing carried interest in private equity and venture capital funds. We will review the most common types of distribution waterfalls. We will then present a case study of how to build a discounted cash flow model using a basic fund structure of 2/20 with a European waterfall and an estimated fund life of 10 years. We will discuss how to develop model assumptions from key terms in a fund's legal agreements (PPM and operating agreement) using a top-down methodology. We will illustrate an example of an option pricing model as applied to carried interest valuation. We will present an example of Monte Carlo simulation, and highlight its key assumptions. Finally, we will provide our perspective on how to select a suitable valuation approach for carried interest, after considering data availability, characteristics of expected cash flows, and risk features of the underlying funds. 


Learning Objectives:

  • Recognize asset management operating structures and carried interest contractual provisions
  • Identify appropriate valuation techniques and assumptions for carried interest valuations
  • Recall valuation techniques accepted in industry practice

1:10 PM – 2:25 PM PST

FVC2233. 409A Valuations

Zac Liermann

- Senior Consultant | Wipfli LLP

Jared Hannon

- Director | Grant Thornton LLP

Provide an overview of 409A/ASC 718 valuations and the AICPA's _Accounting and Valuation Guide: Valuations of Privately-Held-Company Equity Securities Issued as Compensation. _The presentation will focus on implementing allocation models, with particular emphasis on the option pricing method (OPM)_._


Learning Objectives:

  • Identify which allocation method is appropriate under a particular fact pattern.
  • Recall how to implement the option pricing method.

1:10 PM – 2:25 PM PST

FVC2234. A Picture is Worth a Thousand Words: Data visualization in expert reports

Katherine Furlan

- Senior Manager | Deloitte LLP

Rachel Ryman

- Director | Deloitte

While words can be powerful, sometimes they're not the best way to get your point across. Visuals can aid in distilling a complex message. In our role as independent experts it is our duty to assist our clients, opposing experts, and ultimately the triers of fact in understanding our evidence. In this presentation we will provide strategies to optimize the design of visualizations to help increase the speed at which your message is comprehended and retained. Our goal is to help you leverage data visualization to improve the effectiveness of your expert reports and testimony.


Learning Objectives:

  • Recall best practices in data visualizations
  • Identify how to develop data visualizations for analysis and to communicate an expert opinion

2:25 PM – 2:50 PM PST

Networking and Exhibit Break

2:50 PM – 4:05 PM PST

FVC2235. Valuation Hot Topics

Lisa Cribben

- Partner, Valuation and Transaction Services | Wipfli LLP

Stacy Collins

- Managing Director | Financial Research Associates

Chris Mercer

- Chair | Mercer Capital

James Hitchner

- Managing Director | Financial Valuation Advisors

Hear from valuation experts on the current hot topics and changes in thought on valuation approaches and processes to developing a reliable and supportable Fair Market Value analysis.


Learning Objectives:

  • Recall inflation's impact on future growth.
  • Estimate the future of business valuation.
  • Determine company-specific risk.

2:50 PM – 4:05 PM PST

FVC2236. Drugs, Pigs, & Donut Holes: Estimating Unsecured Litigation Claims in the Mallinckrodt Bankruptcy

Suzanne Thompson

- Senior Director | Alvarez & Marsal Disputes and Investigations LLC

Suzanne Stuckwisch

- Managing Director | Alvarez & Marsal

Deep dive case study of antitrust claims surrounding pharmaceutical drug pricing and practices. Explore the valuation of unsecured claim in a bankruptcy setting. Address the difference between claim estimation and damage calculation. Discuss the difference between private and government insurance claims.


Learning Objectives:

  • Identify the nature of litigation claim estimation in a bankruptcy setting
  • Distinguish the different payor participants for pharmaceuticals
  • Differentiate between claim estimation and damage calculations.

2:50 PM – 4:05 PM PST

FVC2237. Business Combination Guide

Adam Smith

- Managing Director | PricewaterhouseCoopers

Mark Edwards

- Partner, Valuation Services | Grant Thornton LLP

Gary Roland

- Managing Director - Office of Professional Practice | Kroll

Frederik Bort

- Managing Director | KPMG LLP

The presenters will discuss recent release for comments of draft AICPA Accounting and Valuation Guide, Business Combinations. The presenters will also discuss common mistakes observed in practice in valuations performed for business combinations purposes, how to identify and rectify them. Examples of issues to be covered are as follows:

  • CACs for wasting assets and associated PFI adjustments
  • Intangible asset returns on the WARA
  • Taxable and nontaxable adjustments to the WARA
  • Assessment of the implied capital structure in the WARA
  • Inventory adjustments to intangible assets
  • Use of financial overlay to identify and fix inconsistencies

Learning Objectives:

  • Analyze the topics covered in the exposure draft of the Business Combinations guide.
  • Identify some of the key areas of diversity-in-practice that the guide is attempting to address

2:50 PM – 4:05 PM PST

FVC2238. Post-Closing Disputes: Prevention and Resolution Strategies (Acquisition)

Morgan Hirst

- Partner | Jones Day

James Agar

- Managing Director | EisnerAmper (Eisner Advisory Group LLC)

This session will empower participants to provide valuable advice to clients through all stages of the deal continuum. It will focus on measures that can be taken to minimize the risk of post-closing disputes and considerations that are important for the client to consider in navigating through the resolution process when disputes over working capital, earnout calculations, and representations and warranties do arise. Participants will be provided real-life examples of thorny issues and the arbitrator’s viewpoint on each.


Learning Objectives:

  • Analyze the perspective of an attorney and an accountant who assist transaction parties in addressing post-closing disputes.
  • Compare the viewpoints that may be taken by an arbitrator or other independent party charged with resolving the issues.

2:50 PM – 4:05 PM PST

FVC2239. The Forensic: How the CIA, a Brilliant Attorney and a Young CPA Brought Down Howard Hughes

Paul Regan

- Partner | Hemming Morse, CPAs - Financial & Forensic Accountants

American business tycoon, movie director and aviator Howard R. Hughes Jr. and his pugnacious attorney, Chester Davis, were taken down by a brilliant and passionate attorney, John Bales Clark, and a diligent and talented young CPA, Paul Regan. Clark and Regan were dedicated to restoring what was wrongfully taken from their clients by Hughes and Davis.


Learning Objectives:

  • Analyze the control/risk environment.
  • Determine, present and measure violations of the purchase contract.
  • Calculate the amount recoverable by the shareholders of the airline acquired by Howard Hughes (Air West).

Wednesday, November 16, 2022

6:30 AM – 1:00 PM PST

Registration Open

7:00 AM – 8:15 AM PST

FVC2240. Financial reporting - How to prepare for audit review of your work and what to consider if you are the reviewer

Nancy Foringer

- Managing Director, Valuation Services | BKD

Ashton Klindt

- Director | Forvis

In this session, we'll identify common audit issues within common financial reporting valuations and overview some best practices for coordination with the client audit teams and external specialists.


Learning Objectives:

  • Identify common audit issues related to common financial reporting valuations
  • Analyze how to apply certain best practices to coordinate with audit teams and external specialists

7:00 AM – 8:15 AM PST

FVC2241. Money Laundering / Terrorist Financing - Foundations to Emerging Typology Detection

Jevon Thomas

- Forensic Accountant | DOJ-FBI

Kane Porter

- Vice President of Compliance

· An analysis of AICPA AML/CTF survey results; · Money Laundering and Terrorist Financing foundational knowledge (e.g. definitions, regulations, and AML programs); · Considerations for accountants and forensic accountants; and · ML/TF typology (e.g. Crypto Tumblers/ Deep Web (P2P)/ Gaming Sites/ Hawala) detection through the use of regulatory technologies (regtech), open source, and compliance reporting


Learning Objectives:

  • Analyze current understanding of accountants and forensic accountants knowledge of the AML/ CTF landscape.
  • Use foundational knowledge regarding Money Laundering and Terrorist Financing.
  • Determine specific ways accountants and forensic accountants may be involved with Money Laundering and Terrorist Financing.
  • Identify complex ML/TF typologies and the ways the regtech/ aml practitioners are adjusting to identify, investigate and report.

7:00 AM – 8:15 AM PST

FVC2242. Dusting Off Your Clients’ Buy Sell Agreements and Understanding their Importance to Business Valuation Services

David Consigli

- Partner | FAZCPAs

Brian Burns

- Partner | FORVIS LLP

A. Understand the role Buy-Sell Agreements play in protecting businesses and the interests of their owners in administering the transfer of ownership interests. 

B. Understand roles valuation professionals may play in assisting with the administration or litigation of Buy-Sell Agreements C. Understand the key provisions contained in Buy-Sell Agreements 

D. Understand the importance of periodically evaluating the provisions of Buy-Sell Agreements in view of evolving characteristics of the business and the objectives of its owners. 

E. Insight into how valuation professionals may, among other areas, offer guidance on the provisions of Buy-Sell Agreements pertinent to the determination of the purchase price upon various triggering events. 

F. Understand the advantages and disadvantages of alternative methods to determine a purchase price and identify common pitfalls and red flags to avoid that could lead to disputes or inequitable arrangements. 

G. Explore areas that valuation professionals should consider in terms of how Buy-Sell Agreements can impact valuations for other purposes such as tax and family law. 

H. Discuss how the Courts may view Buy-Sell Agreement disputes and practical examples of disputes and eventual outcomes


Learning Objectives:

  • Identify the role Buy-Sell Agreements play in protecting businesses and the interests of their owners in administering the transfer of ownership interests.
  • Distinguish roles valuation professionals may play in assisting with the administration or litigation of Buy-Sell Agreements
  • Analyze the key provisions contained in Buy-Sell Agreements
  • Determine the importance of periodically evaluating the provisions of Buy-Sell Agreements in view of evolving characteristics of the business and the objectives of its owners.
  • Compare insights into how valuation professionals may, among other areas, offer guidance on the provisions of Buy-Sell Agreements pertinent to the determination of the purchase price upon various triggering events.

7:00 AM – 8:15 AM PST

FVC2243. Practice Management: Tips, Tools, Practices & Trends

Alexander Krasnomowitz

- Member of the Firm | Smolin, Lupin & Co., P.A.

Hubert Klein

- Partner | Eisner Advisory Group, LLC

Catch-all for best ERP systems/programs, staffing & mentoring, succession, and most recent: consolidation trends and how that impacts the future of our profession. With so much "movement" in the industry, it could be helpful to hear from small, mid, and/or large firms about what it is like to run their own firm, what it takes to be successful, etc. Touch on key areas of practice management including retention and staffing (off-shore staffing)


Learning Objectives:

  • Distinguish yourself in an evolving niche FVS industry with increasing competition in the marketplace.
  • Recognize local and regional opportunities as firms continue to combine. Identify how your personal and firm branding can be enhanced through employee satisfaction and retention.

7:00 AM – 8:15 AM PST

FVC2244. Un-Blurring The Lines Between The Law And Expert Practice – How To Protect An Expert’s Credibility

Robert Bergson

- Partner | Abrams Garfinkel Margolis Bergson, LLP

Jolene Fraser

- Managing Director | Eisner Advisory Group LLC

Experts must comply with a variety of laws and rules when rendering an expert opinion. This session will identify and discuss the laws and rules that experts must typically navigate when offering expert opinions, including the delicate balance necessary to avoid crossing the sometimes fine line between expert and legal opinion. This session will also focus on best practices concerning fact assumption and fact verification.


Learning Objectives:

  • Differentiate which areas are most vulnerable to cross examination and learn ways to bolster credibility.
  • Analyze case examples on challenging expert issues such as inadmissible hearsay and adverse hypothetical questions.
  • Identify best practices for ensuring the expert is aware of applicable laws relevant to the specific case facts.

8:40 AM – 9:55 AM PST

FVC2245. Leveraging Digital Forensics in Fraud and Commercial Matters

Boris Luzhansky

- Director Risk Analytics | AlixPartners

Meghan Gilligan Palermo

- Associate Attorney | Ropes & Gray LLP

Meaghan Schmidt

- Managing Director | AlixPartners

Technology has drastically changed the way investigations and litigation cases are conducted. How to effectively collaborate with and utilize digital forensics professionals to conduct effective investigations and support causation issues


Learning Objectives:

  • Identify opportunities to leverage technology in conduction investigations and litigation.
  • Use of visualizations to support data analysis.
  • Apply digital forensic tools to inform investigation analyses.

8:40 AM – 9:55 AM PST

FVC2246. Accountant's Role in Corporate Investigations

John Hanson

- Managing Director | BDO

Cassandra Sumner

- Unit Chief - Forensic Accountant Unit | FBI

John Tira

- Senior Managing Director | Green Flash Forensics

Jeffrey Buchakjian

- Managing Director | Stout

A core theme of this year’s FVS Conference is that the forensic accounting profession is experiencing New Challenges but also offers Unlimited Opportunities. There is no singular path to success as a forensic accountant, and that is evidenced by the unique careers and experiences of this session’s panelists. Our speakers include a forensic accounting partner at an international public accounting firm, a forensic accounting practice leader at one of the largest global consulting firms, and the Unit Chief of the FBI Forensic Accountant Unit headquartered in Washington, DC. These three accomplished professionals will offer their perspectives about the forensic accounting profession and share experienced-based insights and best practices when conducting corporate investigations.


Learning Objectives:

  • Differentiate between the various paths to forensic accounting (public accounting, government, consulting, industry, etc.).
  • Analyze the various circumstances that would require (or suggest) a forensic accountant to lead/support a corporate investigation.
  • Identify the circumstances that may require the involvement of law enforcement in an investigation.
  • Use best practices when conducting a corporate investigation based on technical skills, experience, and education.

8:40 AM – 9:55 AM PST

FVC2247. What Gives? Why Some Companies/Industries Demand Higher Implied Multiples

Atticus Frank

- Vice President | Mercer Capital

Ethan Lee

- Partner | Cooper Norman

You don’t have to be a valuator or stock analyst to observe that different businesses and industries trade across a wide range of market-implied valuation multiples. Presenters Ethan Lee, CPA, ABV, CFF and Atticus Frank, CFA, ABV, will dig into a wide range of implied valuation multiples, and help attendees better understand why multiples oscillate across and within industries. This session’s goal is to help you better understand and convey your valuation conclusions to your clients and partners.


Learning Objectives:

  • Calculate, Break Down and Build Up Valuation Multiples to Understand their Component Parts
  • Compare and Analyze Valuation Multiples within and Across Industries and Pinpoint Major Contributors to Multiple Spreads
  • Estimate Fundamental Discounts and Adjustments to Implied Valuation Multiples
  • Recall Key Processes and Valuation Conclusions

8:40 AM – 9:55 AM PST

FVC2248. Employee Information and Trade Secrets Theft - Working with Counsel to Identify Potential Damages

Derek Hecht

- Shareholder | Littler Mendelson P.C.

Mark Romeo

- Shareholder | Littler

Travis Armstrong

- Partner | Hemming Morse, LLP

Understanding common claims associated with employee information and trade secrets theft. Identifying how potential damages can be assessed early in the matter to assist counsel in early settlement negotiations.


Learning Objectives:

  • Interpret the common claims and issues surrounding cases where employees depart with confidential, proprietary, and/or trade secret information
  • Assess how forensic accountants can assist counsel in identifying and analyzing data and information relevant to quantifying remedies associated with these claims
  • Evaluate methodologies for calculating damages for these claims

8:40 AM – 9:55 AM PST

FVC2249. FinOSINT - Financial Open Source Intelligence

Cynthia Hetherington

- President | Hetherington Group

Open source intelligence is a well-covered area of expertise that covers any and many areas of content. Building on these skills, the instructor will focus on financial intelligence research practices. Finding data related to transactional information, crypto currency markets, and any opportunity to track down fraudulent operations through the surface to dark web. Learning objectives: (1) Define FinOSINT, (2) Identify marketplaces online that financial information may be located in open sources, (3) Identify resources used specific to online asset investigations.


Learning Objectives:

  • Choose learning resources specific to financial research and asset location
  • Identify the role of the dark web in moving and laundering money
  • Analyze how the metaverse will become a shelter for illegal funds and goods transfer

10:10 AM – 11:25 AM PST

FVC2250. Short-what?: The Newest Excel Tips and Tricks

Kane Porter

- Vice President of Compliance

Zac Liermann

- Senior Consultant | Wipfli LLP

This hands-on session will focus on Excel tools. We will explore new or updated or recommended formulas and functions which advance participants’ ability to quickly manipulate data and understand statistical inferences. We will explore applications of these formulas/ functions to analyze data for both valuation and investigative purposes. Participants will have the ability to work through multiple real-world FVS use-cases using financial and non-financial data during the session.


Learning Objectives:

  • Identify and be able to use relevant and up-to-date formulas/ functions in excel for Office 365.
  • Apply these formulas/ functions and other ones to generate more flexible and dynamic valuation models.
  • Use these formulas/ functions and other ones to generate statistical models to identify and investigate anomalies.

10:10 AM – 11:25 AM PST

FVC2251. How to Reflect the Impact of ESG Factors in Business Valuations and Financial Reporting

Michael Weinberg

- Adjunct Professor of Finance and Economics | Columbia Business School

Howard Mah-Lee

- Senior Manager, Fair Value Measurements | AICPA

Antonella Puca

- Managing Director | MPI Valuation & Advisory

Environmental, social, and governance (ESG) factors have become increasingly prevalent as a requirement in both corporate mission statements, and in investment mandates. Companies commit to net-zero target dates and pile on to diversity initiatives, while investment management firms promote their socially responsible “green funds”.

But does any of it make a difference in dollars and cents value? Recent market trends appear to show little differentiation between returns to ESG funds and their traditional "non-green" counterparts, leading in part to growing regulatory calls for increased disclosure requirements for fund managers and advisors operating within this sphere.

If there is value in ESG, it should be able to be reflected at the enterprise and asset level. Our session explores developments in quantifying ESG factors and how they can be applied within valuation models and financial reports. We also look at what potential next phases might involve as valuation practitioners, investors, and analysts continue forward in the evolution of ESG valuation.


Learning Objectives:

  • Identify and analyze methods of quantifying ESG factors for application within valuation methods
  • Recognize how different ESG factors translate into value based on sector and business model
  • Recall different methodologies and approaches to ESG and their resultant effects, positives and negatives

10:10 AM – 11:25 AM PST

FVC2252. Valuations Preceding or After M&A Transactions

Ethan Lee

- Partner | Cooper Norman

Brian Burns

- Partner | FORVIS LLP

Valuation professionals are faced with evaluating fair market value either preceding or after M&A transactions or capital raises. This session delves into the complexities as to how these events influence value under a fair market value standard for tax purposes. We will explore differences in fair market value and value indications from M&A or capital raise transactions, and analyze how M&A processes, letters of intent, and transactions occurring before or after the valuation date can impact fair market value valuations.


Learning Objectives:

  • Identify differences between valuations for tax purposes under a fair market value standard vs. value indications from M&A or capital raise transactions
  • Determine how M&A processes, letters of intent, and transactions occurring before or after the valuation date can impact fair market value valuations
  • Differentiate the known or knowable concept to valuations
  • Evaluate implications of sales proceeds, rollover equity, and earnouts from a transaction in valuations of equity interests in sellers after close
  • Analyze walk-through case studies that examine the impact on cash flow normalization, pricing, valuation discounts, non-operating assets, and deferred tax liabilities on unrealized gains

10:10 AM – 11:25 AM PST

FVC2253. Taxes in the Determination of Damages

Evan Kilbourne

- Senior Director | FTI Consulting

Kenneth Rugeti

- Senior Managing Director | FTI Consulting

This session will cover a variety of issues on the subject of taxes and damages. Rather than focusing on the taxation of damages themselves, this session will focus on circumstances when taxes may be central to the determination of a damages amount. Key differences between the taxation of individuals, businesses and business types will also be covered.


Learning Objectives:

  • Identify circumstances when taxes may warrant consideration in the determination of damages
  • Distinguish tax-paying and non-tax-paying parties to disputes
  • Apply a framework to analyze taxes in the computation of damages (when appropriate)

10:10 AM – 11:25 AM PST

FVC2254. Marketability Discount – Why are there Such Varying Opinions?

Brian McIntyre

- Partner | Withum Smith Brown

Natalya Abdrasilova

- Director of Valuation & Litigation Services | Boyle, Deveny, & Meyer PC

Analyze the challenges of quantifying discounts for lack of marketability in real life.


Learning Objectives:

  • Identify various approaches to calculating marketability discounts
  • Compare and contrast various approaches
  • Analyze the challenges valuation analysts face in selecting and quantifying the discounts in practice

11:40 AM – 12:55 PM PST

FVC2255. Valuing Capital Intensive Businesses

Paul Mandel

- Partner | RSM Canada

How to handle situations where companies have large capital asset balances and the impact on multiples and valuation approaches


Learning Objectives:

  • Identify the impact of large capital assets on valuation
  • Analyze different examples of capital asset types on valuation

11:40 AM – 12:55 PM PST

FVC2256. A Deep Dive into the False Claims Act and Similar State Statutes

Jessica Hollobaugh

- Partner | Withum

Matthew Adams

- Partner | Fox Rothschild, LLP

Matthew Lee

- Partner | Fox Rothschild LLP

This session will explore the fast-moving landscape of white-collar investigations and prosecutions with a focus on the Government’s increasing use of the False Claims Act. Between an unprecedented wave of pandemic fraud investigations and the Government’s continued focus on healthcare fraud, forensic accountants are an increasingly important member of the white-collar criminal defense team.


Learning Objectives:

  • Differentiate between civil and criminal fraud statutes and understand that resources the Government has available in conducting investigations under the False Claims Act.
  • Identify the types of fraud prosecuted under False Claims Act statutes and the significant role that whistleblowers and qui tam litigation play.
  • Recognize the importance of forensic accountants to white collar defense lawyers in investigations under the False Claims Act.
  • Predict future prosecutorial trends under the False Claims Act.

11:40 AM – 12:55 PM PST

FVC2257. “The Price is Right – Or Not” – Use and Misuse of The Market Approach Guideline Transaction Method

Harold Martin

- Partner | Keiter

This discussion will focus on the following: * Alternative standards of value and implications for valuation: value in use v. exchange     * Representative case precedent     * The market approach and alternative methods: guideline public company method and guideline transaction method     * Transaction considerations: the purpose of the transaction, motivation of the buyer/seller, financial v. synergistic buyers, distressed sales     * Importance of transaction terms: stock or asset deal, cash deal, seller-financing, contingent consideration, and non-compete agreements     * Availability of relevant financial information to assess trends, profitability, growth prospects; identify required normalization adjustments; and identify specific company risk factors (depth of management, customer concentration, leverage)     * Availability of data to assess types of products and services offered by the company     * Availability of data to permit analysis of the geographic markets and customer base served     * Assessment of the transaction date and whether the transaction multiple reflects current economic, industry, and market conditions


Learning Objectives:

  • Determine when it is appropriate to use the guideline transaction method
  • Identify the importance of transaction terms: stock or asset deal, cash deal, seller-financing, contingent consideration, and non-compete agreements

11:40 AM – 12:55 PM PST

FVC2258. Double, Triple Count, Oh My!

Bethany Hearn

- Principal | CLA

Josh Shilts

- President | Shilts CPA

Areas in which valuation analysts should exert extra caution in double, or even triple counting 'risk' or 'discounts' or 'premia'. Reconciling of approaches


Learning Objectives:

  • Recognize areas/assumptions prone to accounting for/assessing risk.
  • Identify risk and the allocation of that risk
  • Indicate risk in various forms of valuation approaches in a succinct explanation.

11:40 AM – 12:55 PM PST

FVC2259. From expert witness to litigation consultant: the new role of the forensic accountant in 21st century litigation

David Debenham

- Counsel | Low Murchison Radnoff

Litigation has progressed from an art practiced by lawyers to a science involving a team of professionals engaged in all stages of litigation from jury consulting, AI in documentary discovery, to judge based data analytics. Strangely, CPAs have have yet to step up to participate in valuing and settling cases, and preparing experts for trial. Find out how you can take the next step in the evolution of your practice.


Learning Objectives:

  • Determine how to change from an expert witness to an expert advisor
  • Analyze how to transition to being a partisan but professional participant
  • Identify how to assist advocates with your expertise