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.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 25, 2020.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Alan J. Wilson
WilmerHale
- Senior associate in the Washington, D.C. office of WilmerHale
- Practice focuses on corporate governance and federal securities law
- Conducts regular meetings and workshops focused on the intersection of law and accounting
- Frequent contributor to WilmerHale’s Focus on Audit Committees, Accounting and the Law blog
- Vice chair, ABA Audit Responses Committee and Law and Accounting Committee
- Executive editor, ABA Business Law Today Month-in-Brief – Securities Law
- Certified Public Accountant licensed in Massachusetts and a member of the Massachusetts Society of CPAs and the American Academy of Attorney-CPAs
- West Virginia Society of CPAs 2014 Certificate of Merit Award recipient (highest average CPA exam score)
- J.D. degree, Order of the Coif and first in class, West Virginia University College of Law
- Can be contacted at 202-663-6474 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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