This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: 4. Can’t rely on in-house legal counsel because they lack knowledge of the case and how the attorney intends to respond. On the other hand, the client’s attorney may not respond completely. Why not? • Lack of privileged protection since CPA’s working papers can be subpoenaed. • Auditors and attorneys interpret “probably” differently • Negative forecasts of client outcomes might actually be self fulfilling particularly if it finds its way, in some form, into the auditor’s report • Failure of the attorney to respond would suggest a disclaimer of opinion since the effect is generally pervasive. Attorney letter: Lawyer Inquiry...
View Full Document
This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.
- Fall '08