The lawyers and accountants made a treaty in 1976 that forms the basis on which attorneys can respond to audit letters inquiring about loss contingencies (particularly pending or threatened litigation) in a way that provides the accountants information needed for financial statements while protecting the attorney-client privilege. Recent corporate disclosure scandals have resulted in increasing pressure for additional disclosures. This session will examine the current legal and accounting requirements in this area, including management and lawyer responses to auditor requests for information, Sarbanes-Oxley Act Section 303, and other touchy issues.
Region:
United States
Interest Area:
Corporate, Securities, and Governance,
Financial Services,
Compliance and Ethics