Accounting firms, public companies, and audit committees routinely retain Murphy & McGonigle to represent them and their professional, executives, and members in enforcement and criminal investigations and actions, regulatory inquiries, and litigation in state and federal courts throughout the United States. We are conversant with how accounting professionals apply accounting principles and standards and, as former SEC enforcement lawyers and federal prosecutors, we know how regulators interpret them. We leverage that experience and knowledge to represent clients before the SEC and other regulatory bodies, and to defend clients in private securities fraud and professional services liability actions. We understand the unique relationship between independent auditors and their attest clients, and the audit committee's critical role in corporate stewardship. That understanding informs our counsel in matters ranging from auditor independence and audit quality to internal investigations and corporate disclosures.
We believe the SEC will continue its focus on accounting and auditing enforcement matters in 2019. In addition, the PCAOB has undergone changes at the board level and in their enforcement division that may signal a revamped approach. For instance, in late 2018 the PCAOB adopted amendments to its auditing standards, which provide updated guidance to auditing accounting estimates. The amendments emphasize that auditors need to apply professional skepticism, including addressing potential management bias, when auditing accounting estimates.