Lawyers' Responses to Audit Inquiries

This lesson discusses how lawyers should respond to audit inquiry letters, which ask lawyers to provide information concerning legal matters to a client's auditors. The lesson focuses on the American Bar Association's Statement of Policy Regarding Lawyer's Responses to Auditors' Requests for Information. No knowledge of accounting is necessary to complete this lesson.

Learning Outcomes

On completion of the lesson, the student will be able to:

1. State the purpose of the audit inquiry letter.
2. Explain the challenges an attorney faces in responding to audit inquiry letters.
3. List the four parts of the American Bar Association’s Statement of Policy.
4. State two legal consequences of the lawyer's response to an audit inquiry letter.
5. Describe the importance of Paragraph 5 (Loss Contingencies) of the ABA Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information.
6. List the three types of matters on which the attorney may comment.