Attorney Audit Inquiry Letters

Description

Under ASC 450-20-20, SAS 12 and FAS 5, auditors must inquire into potential loss situations, and issue letters to a client's attorney, requesting disclosures. This session addresses the controversial disclosures regarding attorney-client confidentiality and explores the differences. A goal towards the formation of adequate disclosures that do not breach attorney-client privilege will also be discussed. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics covered in this class include:

• Loss contingency disclosures from attorney's viewpoint, including confidential disclosures
• How the American Bar Association policy affects an attorney's answer
• Problems with unasserted claims
• When loss must be accrued and when it must only be disclosed
• Communicating with a client's attorney to obtain the necessary information needed for the audit

Objectives

After attending this presentation, you will be able to...

Compare and contrast how CPAs and attorneys look at loss contingencies with different points of view.

Designed For

CPAs involved in audits