Description
Accountants conducting external audits of a company's financial statements and related disclosures must ask the company for information about "pending or overtly threatened" legal matters, including litigation and government investigations. However, the longstanding ABA Treaty between the legal and accounting professions contemplates that attorneys providing this information will limit their discussion of these matters to protect attorney-client privilege and the company's litigation position.
In recent years, auditors have pushed for information from attorneys beyond the ABA Treaty, and counsel must deal with more complex issues in their responses to audit letters. When responding to auditors, counsel must act carefully and strategically. This includes an internal inquiry to determine what to disclose in the response, setting a mutually agreed-upon dollar amount threshold for materiality, and including a confidentiality clause in the audit engagement letter.
Listen as our authoritative panel discusses recent trends in audit response letters and the complicated legal issues counsel must navigate in determining what to disclose in their responses.
Presented By
Mr. McKay practices in the area of commercial litigation with particular focus on land use and eminent domain throughout the United States, as well as energy, construction, intellectual property, and telecommunications work. He represents clients in various industries, including pipeline owners and operators, telecommunications providers, utilities, and other common carriers, as well as select commercial and residential developers and landowners in condemnation cases, pre-condemnation counseling, and infrastructure permitting.
Mr. Wilson advises public and private company clients on a variety of matters, including SEC disclosures, corporate governance and complex accounting issues. He regularly advises public companies on addressing new SEC rules and emerging issues. As a CPA, Mr. Wilson has experience in legal aspects of accounting and auditing and is the Vice Chair of the Audit Responses Committee of the Business Law Section of the ABA.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Thursday, September 11, 2025
- schedule
1:00 p.m. ET./10:00 a.m. PT
I. Latest trends in audit response letters
II. External audits: duties of auditors and attorneys
III. Attorney-client privilege issues with audit response letters
IV. Best practices for responding to auditor inquiries
The panel will review these and other key issues:
- Legal and accounting professionals: the ABA Treaty regarding external audits of companies
- Attorney-client privilege concerns implicated by requests for information from counsel during external audits
- Best practices for counsel for responding to external auditor requests for information
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