The mission of the Audit Responses Committee is to be a resource concerning lawyers' responses to auditor inquiries and related financial reporting and disclosure issues, focusing on implementation of the "treaty" reached with accountants in the ABA Statement of Policy regarding audit responses.
- Over 500 members, consisting to a great extent of partners who are responsible for the audit response policies of their firms.
- Clearing house on treaty issues and implementation.
- Deals with new types of auditor requests seeking responses which would be inconsistent with the treaty.
- Coordinates with regulators and others setting accounting and auditing standards concerning the issues addressed by the treaty.
- Meets three times a year at Business Law Section meetings, with many participating by phone.
- Listserv is widely used to communicate concerns and possible solutions.
Areas of Expertise
- Responses to auditor requests in light of the treaty and the importance of protecting privileged communications.