The legal landscape of the accounting profession has altered dramatically due to corporate scandals and the response of Congress, the states, regulatory agencies, and professional organizations. In light of this uncertain environment, the American Law Institute and American Bar Association co-hosted this conference in Boston on 3-4 May 2007. The conference provided an overview of the changing principles that govern the field of accountants' liability, with particular emphasis on the recent developments that have occurred in the wake of the major corporate failures that have been linked to fraudulent financial reporting.

As part of the conference, NERA Senior Vice President Dr. Vinita Juneja participated in a session on damages and causation. Dr. Juneja discussed the US Supreme Court's decision in Dura Pharmaceuticals and other recent developments, which have placed new emphasis on theories of damages and causation in class actions and other accountants' liability cases.

Other conference topics included:

• Sarbanes-Oxley and its aftermath;
• the SEC, PCAOB, and FASB;
• control reporting;
• inspections and discipline;
• increased regulatory activity at the federal and state level;
• an overview of frequently litigated accounting issues;
• the response of the profession and self-regulatory organizations to recent events;
• liability for non-traditional services; and
• practical tips offered from both the plaintiff and the defense perspectives.