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OnDemand Course

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

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.

90 minutes
Certificate of Completion
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Over 35 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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Why Lorman?

Over 35 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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on August 25, 2020.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • NY CLE 1.5 including Skills 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Skills for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for credit for established attorneys only. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE 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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Why Lorman?

Over 35 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

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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Over 35 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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Product ID: 407190
Published 2020
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