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Sponsored by Lorman Education
Product ID: 407190EAU
 
Credit & Course Provided by:

How to Respond to an Audit Letter Requesting Information About Your Client's Case

OnDemand Webinar (89 minutes)

Prepare an audit response letter with your client's best interest in mind.In recent years, auditors have pushed for more information from attorneys than called for by the ABA Treaty, in an effort to obtain additional insights into the risks surrounding a company's loss contingency disclosures. Lawyers tasked with responding to these requests need to be mindful in their responses to protect the attorney-client privilege and their clients' litigation positions. This topic will lay out the basic auditing, accounting and legal frameworks pertaining to loss contingency disclosures and the associated audit response letters sought in regards thereto. The topic will cover common attorney-client privilege issues and special challenges encountered in preparing audit response letters, while highlighting best practices for responding to auditor requests. A firm understanding of the best practices in this area is critical for lawyers to best balance their clients' interests with the needs of their clients' auditors.

Authors

Alan J. Wilson, WilmerHale

Agenda

Governing Requirements and Duties of Auditors and Lawyers Regarding External Audits

• Accounting Disclosures for Loss Contingencies Under ASC 450-20 (f/k/a FAS 5)

• PCAOB and AICPA Auditing Standards Concerning Litigation, Claims, and Assessments

• Legal Privilege and the ABA Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information

Common Attorney-Client Privilege Issues and Special Challenges

• Requests for Privileged Information and Considerations Specific to In-House Counsel

• Treatment of Government Investigations

• Consequences of Operational Problems

Best Practices for Responding to Auditor Inquiries

• Reliance on the ABA Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information

• Coordination Between Outside and In-House Counsel

• Audit Response Letter Updates