Appeals Court says SAIC must face CityTime fraud case

An Appeals Court said there’s enough to proceed on allegations SAIC recklessly disregarded its obligation to disclose potential liability for the CityTime fraud in its March 2011 10K.

Summary of Posts on Disclosure of Litigation Contingencies

I’ve written extensively on the subject of disclosure of litigation contingencies, most recently for Forbes. My feelings about any clashes between auditors and accountants over disclosures for contingencies were outlined, with no subtlety, when the idea of tightening the requirements was first proposed in 2008.