Casemaker Libra



Auditor's Letter Handbook, Second Edition

Publication Year: 2013   Publication Type: Book

Description:

The Second Edition of this best-selling ABA guide contains the original 1975 Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information. Much has changed since the American Bar Association Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information (the ABA Statement") and the American Institute of Certified Public Accountants' (AICPA") related Statement of Auditing Standards No. 12 (SAS 12") were approved in December 1975 and January 1976, respectively. There has been an increased emphasis on the quality of loss contingency disclosure, an expansion of private litigation and SEC enforcement actions against accountants and other professionals, and a new regulatory regime for the accounting profession established by the Sarbanes-Oxley Act of 2002. Despite these changes, the ABA Statement has stood the test of time and shown its flexibility to adapt to meet changing circumstances. Another development since the ABA Statement was approved has been the increasing relevance of international accounting and auditing standards and the expansion of cross-border practice by law firms. International Financial Reporting Standards (IFRS") adopted by the International Accounting Standards Board have become the accounting standards in many countries throughout the world other than the United States. Canada, for example, recently converted to IFRS for publicly-traded companies. This resource is a must-have for inside and outside counsel in dealing with the auditor's need for corroboration of information furnished by management concerning litigation, claims, and assessments. It comprises a consolidated presentation of the principal official pronouncements and unofficial commentaries on the subject of audit inquiries and lawyers' responses.

Table of Contents:

 Title Page
 Copyright
 Contents
 An Introductory Update by the ABA Business Law Section Audit Responses Committee (April 2013)
 Introduction to the Auditor's Letter Handbook,First Edition (December 1976)
 Statement of Policy Regarding Lawyers' Responses to Auditors' Requests for Information (31 BUS. LAW. 1709 [1976])
 First Report of the Committee on Audit Inquiry Responses Regarding Introductory Analysis and Guides to Statement of Policy (31 BUS. LAW.1737 [1976])
 Second Report of the Committee on Audit Inquiry Responses Regarding Initial Implementation of the Statement of Policy (32 BUS. LAW. 177 [1976])
 Report of the Subcommittee on Audit Inquiry Responses Regarding Inquiry of a Client's Lawyer Concerning Litigation,Claims,and Assessments-Auditing Interpretation AU Section 337 (45 BUS. LAW. 2245 [1990])
 Report of the Committee on Law and Accounting,December 17,1996,Regarding Guidance on the Privilege Issue with discussion from Lawyers'Replies to Auditors Guidance on the Privilege Issue
 Committee on Audit Responses,Statement on Effect of FIN 48 on Audit Response Letters (64 BUS.LAW.389 [2009])
 Committee on Audit Responses,Statement on the Effect of the FASB Codification on Audit Response Letters (65 BUS. LAW. 491 [2010])
 AICPA AU Section 337-Inquiry of a Client's Lawyer Concerning Litigation,Claims,and Assessments
 AICPA AU Section 9337-Inquiry of a Client's Lawyer Concerning Litigation,Claims, and Assessments-Auditing Interpretations of Section 337
 PCAOB AU Section 337-Inquiry of a Client's Lawyer Concerning Litigation, Claims, and Assessments
 PCAOB AU Section 9337-Inquiry of a Client's Lawyer Concerning Litigation,Claims, and Assessments-Auditing Interpretations of Section 337